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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Strata X Energy Ltd | TSXV:SXE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.07 | 0.085 | 0 | 01:00:00 |
Strata-X Ltd. ("Strata-X" or the "Corporation") (TSX VENTURE:SXE) is pleased to announce that further to its news release on May 15, 2012 and May 24, 2012, it has held a second and final closing of its non-brokered private placement (the "Private Placement"). The initial closing of the Private Placement was held on June 29, 2012 whereby the corporation raised gross proceeds of $3,548,750 through the issuance of 2,075,000 units at a price of $0.25 per unit (a "Unit"), and $3,030,000 in convertible notes ("Convertible Notes"). Following the initial Closing, the Corporation obtained consent from the TSX Venture Exchange to extend the Private Placement for an addition 2 weeks. At the second closing of the Private Placement, the Corporation raised gross proceeds of $275,000 through the issuance of 300,000 Units and $200,000 in Convertible Notes. Units are comprised of one common share and one half of a common share purchase warrant, each such warrant being exercisable to acquire one common share at a price of $0.60 per share for a period of two years from closing. Convertible Notes are convertible to units at a deemed price of $0.25 per unit. Each such unit is comprised of one common share and one-half of a common share purchase warrant, and such warrants being exercisable to acquire one common share at a price of $0.50 per share for a period of two years from closing. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange. All securities to be issued under the Private Placement will be subject to a four-month statutory hold period in Canada. As announced in the Corporation's May 15, 2012 news release, the proceeds of the Private Placement will be used for the acquisition of additional lands in the Corporation's Vail project in the United States, general working capital and the costs of the offering. Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com).
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