Strata-X Energy Ltd. Arranges Private Placement
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - June 23, 2014 (Pacific 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 Helmsec Global Capital Limited and BBY Ltd (together the Joint Lead Managers or JLMs) are leading a private placement to sophisticated and institutional investors of up to 6.43 million Chess Depository Interests (CDIs) in the Company at a price of AUD$0.28 per CDI for gross proceeds of up to approximately AUD$1.8 million (Placement). Each CDI will represent one common share of Strata-X and will rank equally with existing CDIs. All CDIs issued pursuant to the Placement are to be fully tradable and listed on the Australian Securities Exchange.
The Placement is being completed in accordance with the Company’s placement capacity pursuant to the ASX Listing Rules. The proceeds from this Placement will be used to deliver on the current acquisition and work plan of the Company, continue ongoing development of its US focused projects and provide general working capital.
All CDIs issued pursuant to the Placement are to be tradable and listed on the Australian Securities Exchange (ASX) and Toronto Venture Exchange (TSX-V), subject to the necessary approvals by the respective TSX-V and ASX. Strata-X will, subject to regulatory approval, pay a commission in respect of the Placement to the JLMs (all being arm’s length parties on the Placement).
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 please 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|