Strata-X Energy Ltd. Closes Placement Raising A$6.03 Million
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 6, 2013 (Pacific Standard Time - Canada)
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to announce that the Company has closed the private placement as announced on October 29, 2013. The private placement (Placement) consisted of 15,872,962 CDIs (representing 15,872,962 common shares) to raise A$6.03 million at a price of A$0.38 per CDI. The Placement represents approximately 13% of the Company’s issued capital (pre Placement). Quotation of the CDIs on the ASX will occur on November 7, 2013 (Australian time).
Proceeds from the Placement will be used primarily on appraisal programs on Strata-X’s three key USA projects and for general corporate purposes.
The capital raising was jointly led by BBY Limited and Helmsec Global Capital Limited (Joint Lead Managers or JLMs). The JLMs will be paid a cash commission of 6% of the gross proceeds and 603,172 broker warrants. Each broker warrant allows the JLMs to purchase one CDI of the Company at a price of A$0.50 for a period of 3 years from the date of closing. The Placement is subject to exchange (TSX-V) acceptance. All of the securities issued pursuant to this offering will have a hold period in Canada expiring on March 7, 2014.
Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 139,785,415 common shares outstanding and trades under the symbol “SXE” on the TSX-V and “SXA” on the ASX.
For further information contact:
|Tim Hoops (USA)||or||Colin Christensen (Canada)||or||Duncan Cornish (Australia)|
|President||Investor Relations||Corporate Secretary|
|+1 855-463-2400||+1 403-483-8363||+61 7 3212-6299|
This announcement was made in Canada for the TSX.V and in Australia for the ASX.