SXA 0.00% 7.0¢ strata-x energy limited

The directors and management of Strata-X Energy Ltd. ("Strata-X"...

ANNOUNCEMENT SPONSORED BY PLUS500
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM
CFD Service. Your Capital is at risk
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
  1. 2,946 Posts.
    lightbulb Created with Sketch. 33
    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 terms of the equity offering (the "Offering") of common shares of the Company announced on October 7, 2014 have now been set and the Company has filed and received a receipt for its final short form prospectus in connection with the Offering. Pursuant the Offering, the Company will issue up to 50,000,000 common shares at a price of $0.17 per share for aggregate gross proceeds of up to $8.5 million.
    The net proceeds of the Offering are intended to be used by the Company to continue its exploration efforts by drilling up to 5 vertical wells and one contingent horizontal well on the Illinois Basin Oil Projects, drilling up to three additional vertical wells on the Sleeping Giant Gas Project and undertaking a completion stimulation on the Maverick Oil Project, as well as for lease maintenance and general working capital purposes.

    Well, it's fair bit of dillution but lets hope the funding issues are finally behind us and that we can finally start drilling and bringing in some revenues.
 
watchlist Created with Sketch. Add SXA (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.