|By Marketwired .||
|June 23, 2014 09:38 AM EDT||
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/23/14 -- The Directors and management of Strata-X Energy Ltd. (Strata-X or the Company) (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that Helmsec Global Capital Limited and BBY Ltd (together the Joint Lead Managers or JLMs) are leading a private placement to sophisticated and institutional investors of up to 6.43 million Chess Depository Interests (CDIs) in the Company at a price of AUD$0.28 per CDI for gross proceeds of up to approximately AUD$1.8 million (Placement). Each CDI will represent one common share of Strata-X and will rank equally with existing CDIs. All CDIs issued pursuant to the Placement are to be fully tradable and listed on the Australian Securities Exchange.
The Placement is being completed in accordance with the Company's placement capacity pursuant to the ASX Listing Rules. The proceeds from this Placement will be used to deliver on the current acquisition and work plan of the Company, continue ongoing development of its US focused projects and provide general working capital.
All CDIs issued pursuant to the Placement are to be tradable and listed on the Australian Securities Exchange (ASX) and Toronto Venture Exchange (TSX-V), subject to the necessary approvals by the respective TSX-V and ASX. Strata-X will, subject to regulatory approval, pay a commission in respect of the Placement to the JLMs (all being arm's length parties on the Placement).
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, California, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 139,785,415 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.
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).
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. 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 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 "Risks and Uncertainties" in the Company's Filing Statement dated August 30, 2011 available on SEDAR at www.sedar.com. 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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