Strata-X Announces Pricing of Prospectus Offering, Change in Offering Size
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - October 28, 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 terms of the equity offering (the “Offering”) of common shares of the Company announced on October 7, 2014 have now been set and the Company has filed and received a receipt for its final short form prospectus in connection with the Offering. Pursuant the Offering, the Company will issue up to 50,000,000 common shares at a price of $0.17 per share for aggregate gross proceeds of up to $8.5 million.
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 one contingent horizontal well on the Illinois Basin Oil Projects, drilling up to three additional vertical wells on the Sleeping Giant Gas Project and undertaking a completion stimulation on the Maverick Oil Project, as well as for lease maintenance and general working capital purposes.
The Offering will be conducted on a “commercially reasonable efforts basis” by Integral Wealth Securities Limited (the “Agent”) in the Provinces of British Columbia, Alberta and Ontario. 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 and ASX.
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 Illinois, Texas, North Dakota, California 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|