Strata-X Announces Filing of Preliminary Prospectus for Proposed $12.0 Million Equity Offering
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - October 8, 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 it has filed and received a receipt for a preliminary short form prospectus in the provinces of British Columbia, Alberta and Ontario, Canada for a new issue of common shares for gross proceeds of up to $12.0 million (the “Offering”). The net proceeds of the Offering are intended to be used by the Company to continue its exploration efforts by drilling up to 5 vertical wells and a contingent horizontal well on the Illinois Basin Oil Projects, drilling up to three additional wells on the Sleeping Giant Gas Project, a completion stimulation and a contingent well on the Maverick Oil Project, lease maintenance and general working capital purposes. The issue price of the common shares and the number of common shares to be issued will be determined in the context of the market.
The Offering will be conducted on a “commercially reasonable efforts basis” by Integral Wealth Securities Limited (the “Agent”). The Company has also granted to the Agent an option (the “Over-Allotment Option”), exercisable, in whole or in part, until 30 days following the closing of the Offering, provided that such 30 day period may be reduced in order to comply with the rules and policies of the ASX, to purchase, up to an additional 10 percent of the common shares issued pursuant to the Offering to cover over-allotments.
The Offering is expected to close on or about November 3, 2014 and is subject to all customary conditions, including, but not limited to, the completion of satisfactory due diligence by the Agent, and regulatory approvals, including that of the TSX Venture Exchange.
This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (“the U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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||Julia Maguire (Australia)
|President||Investor Relations||Investor Relations|
|+1 855-463-2400||+1 403-483-8363||+61 419 815 386|