Strata-X Energy LTD Annouces Shares for Debt
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 2, 2015 (Pacific Time - Canada) (TSX-V:SXE) (ASX:SXA)
The directors and management of Strata-X Energy Ltd. ("Strata-X" and/or the "Company") announces that the Company has entered into agreements to issue shares for debt (the “Shares for Debt Transaction”) with certain directors and past directors of the Company (the "Creditors"). In consideration for settlement of a total combined debt of $167,500 owing to the Creditors by the Company, the Company will issue to the Creditors 2,392,858 common shares of the Company at a deemed price of $0.07 per share.
The Shares for Debt Transaction is subject to the approval of the Toronto Venture Exchange (“the Exchange”). Shareholder approval has been received for any director participation in the Shares for Debt Transaction. The Company will issue the Shares pursuant to the Shares for Debt Transaction once the issuance has been approved by the Exchange.
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.
For further information please contact:
|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.