Strata-X announces waiver from ASX listing rule 14.7
Short Form Prospectus
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 5, 2014 (Pacific Time - Canada)
On 5 August 2014 Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) obtained shareholder approval to issue of up to 50 million common shares to unrelated parties under a short form prospectus prepared in Canada. In accordance with the ASX Listing Rules, approval was obtained to issue the Prospectus Shares no later than 3 months after the date of the EGM. As set out in the Company’s announcement on 28 October 2014, the Company filed and received a receipt for its final prospectus under which the Company will issue up to 50 million common shares at an issue price of $0.17 per share for aggregate gross proceeds of up to $8.5 million (“Prospectus Shares”).
The directors and management of Strata-X advise that the Company has been granted a waiver from ASX to permit the Company to issue the Prospectus Shares later than 3 months after the date of the shareholders’ extraordinary general meeting on 5 August 2014 (“EGM”), on the condition that the Prospectus Shares are issued no later than 12 November 2014 and otherwise on the same conditions as approved by shareholders at the EGM and the Company releases the terms of the waiver to the market immediately.
The original shareholder approval for the issue of up to 50 million Prospectus Shares was sought, and received at the EGM, so that the issue does not count towards the Company’s placement limit/s imposed by ASX listing rules 7.1 or 7.1A.
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|