Strata-X Energy Ltd. Issues Shares for Debt
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 16, 2015 (Pacific Time - Canada) (TSX-V:SXE) (ASX:SXA)
Further to the news release dated November 2, 2015, Strata-X Energy Ltd. ("Strata-X" and/or the "Company") announces that the Company has issued 2,392,858 common shares(the “Shares for Debt Transaction”) to certain directors and past directors of the Company in consideration for settlement of a total combined debt of $167,500 at a deemed price of $0.07 per share. To the extent the Shares for Debt Transaction involves current directors of the Company, who are "related parties" of the Company within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), such Shares for Debt Transaction constitutes a "related party transaction" within the meaning of MI 61-101. Shareholder approval has been received for any director participation in the Shares for Debt Transaction.
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 176,325,585 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.