Strata-X Energy LTD Closes Placement Raising A$563,000
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 12, 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 October 19, 2015. The private placement (“Placement”) consisted of 7,037,500 units (“Units”) to raise A$563,000 at a price of A$0.08 per unit (“Unit”). Each Unit consists of one 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 4.2% of the Company’s issued capital (pre Placement).
Directors of the Company subscribed for A$469,000 of the total Placement. Shareholder approval has been received for any director participation in the Placement.
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.
- Lease maintenance and general working capital purposes.
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 173,932,722 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.