Strata-X Announces Private CDI Placement
November 19 2019 - 8:26AM
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
is undertaking a non-brokered private placement to sophisticated
and institutional investors in Australia of up to 18,000,000 Units
(“Units”) in the Company at a price of A$0.05 per Unit for gross
proceeds of up to A$900,000 (“Placement”). Each Unit consists
of one Chess Depository Unit (“CDI”) and one half of one option.
Each option is exercisable into one CDI at an exercise price of
A$0.07 up until December 31, 2022.
The funds raised from the Placement will
primarily be used to progress the Company’s recently announced CSG
project in the Surat Basin (Queensland, Australia), ongoing
environmental and development studies on the Company’s 100% owned
Serowe CSG Project in Botswana, repayment of a director loan
(matched by a Placement subscription by the director), lease
maintenance, costs of the Placement and general working
capital.
The Company’s Executive Chairman, Mr Ron
Prefontaine, has subscribed for A$170,000 of the Placement, subject
to shareholder and regulatory approvals.
The Placement is expected to close in two
tranches, subject to TSX Venture Exchange (TSXV) approval, on or
before November 29, 2019 for subscriptions totaling A$630,000, and
on or around January 3, 2020 (following the Company’s AGM) for
subscriptions totaling A$270,000, which includes Mr Prefontaine’s
subscription (subject to shareholder approval).
Eligible finders may receive a cash fee of up to
5.0% of gross proceeds raised, to be paid in cash.
About Strata-XStrata-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 Queensland, Australia, the States of
California and Illinois in the United States of America and the
Republic of Botswana. Strata-X has 89,538,318 common shares
outstanding and trades under the symbol "SXE" on the TSX-V and
"SXA" on the ASX.
For further information please contact:
Duncan CornishCompany Secretary |
+61 (0)7 3212 6299 |
dcornish@strata-x.com |
|
This announcement was made in Canada for the TSX.V
and in Australia for the ASX. Public documents for Strata-X
Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and
ASX.com.au (Australia). FORWARD-LOOKING
STATEMENTS This news release contains forward-looking
statements, which relate to future events or future performance,
including but not limited to, the completion and size of the
Placement, receipt of regulatory approvals and timing thereof, the
Corporation’s business strategies and plans for the use of such
Placement proceeds, capital expenditure programs and estimates
relating to timing and costs, and reflect management's current
expectations and assumptions, including, but not limited to the
timing and receipt of necessary regulatory approvals and third
party approvals and completion of the Placement and stability of
general economic and financial market conditions. The use of any of
the words "anticipate", "continue", "estimate", "expect", 'may",
"will", "project", "should", 'believe", and similar expressions is
intended to identify forward-looking statements. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. Readers are cautioned that these
forward-looking statements are neither promises nor guarantees, and
are subject to risks and uncertainties , including imprecision in
estimate capital expenditures and operating expenses, stock market
volatility, general economic and business conditions in North
America and globally, risks associated with liquidity and capital
resource requirements, that may cause future results to differ
materially from those expected and the forward-looking statements
included in this news release should not be unduly relied upon. See
also "Risks Factors" in the Company's Annual Information Form
available on SEDAR at www.sedar.com. Those factors are not, and
should not be construed as being exhaustive. These forward-looking
statements are made as of the date hereof and the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances save as required under applicable
securities legislation. This news release does not constitute an
offer to sell securities and the Company is not soliciting an offer
to buy securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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