Strata-X Energy Ltd. Closes Placement Raising A$1.821 Million
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - June 27, 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 the Company has closed the private placement as announced on June 23, 2014. The private placement ("Placement") consisted of 6,503,554 CDIs (representing 6,503,554 common shares) to raise A$1,820,995 million at a price of A$0.28 per CDI. The Placement represents approximately 4.7% of the Company's issued capital (pre Placement). Quotation of the CDIs on the ASX will occur on June 30, 2014 (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 $97,260 and 162,100 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 October 30, 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 146,288,969 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|