Strata-X Energy Ltd. Closes Placement Raising A$824,820
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - August 10, 2015 (Pacific Time - Canada) (TSX-V:SXE) (ASX:SXA)
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 July 29, 2015. The private placement (“Placement”) consisted of 10,310,250 units (“Units”) to raise A$824,820 at a price of A$0.08 per unit (“Unit”). Each Unit consists of CDI or common share (with each CDI representing one common share) and one half of one option (“Option”). Each Option is exercisable into one CDI or common share at an exercise price of A$0.12 until January 31, 2017. The Placement represents approximately 6.5% of the Company’s issued capital (pre Placement).
Directors, and others, have committed to subscribing for A$575,000 in a subsequent placement on the same terms and conditions, subject to shareholder approval. The aggregate gross proceeds from both placements will be approximately A$1.4 million.
The Company intends to use the proceeds from the Placement as follows:
- Drill and test two low cost vertical wells in the Illinois Basin projects targeting bypassed and/or untested high margin light sweet oil within multiple shallow reservoirs at depths of 750m to 1,110m.
- Drill and core a vertical pilot well at the Company’s Raccoon Creek prospect within the Lingle Oil Field.
- Lease maintenance and general working capital purposes.
Commissions of A$47,034 were paid to certain finders. 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 December 11, 2015.
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, Illinois, California, Texas and Western Australia and production and development opportunities in California. Strata-X has 166,895,227 common shares outstanding and trades under the symbol “SXE” on the TSX-V and “SXA” on the ASX.
|Tim Hoops (USA)||or||Colin Christensen (Canada)|
|+1 855-463-2400||+1 403-483-8363|
This announcement was made in Canada for the TSX.V and in Australia for the ASX.