GOLDEN, COLORADO and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2012) - The directors and management of Strata‐X Energy Ltd. (TSX VENTURE:SXE) ("Strata‐X" or the "Company") are pleased to announce that further to its news releases of August 27, 2012, September 28, 2012 and October 30, 2012, Strata‐X has completed the second and final closing of its non‐brokered private placement (the "Private Placement").
The Company raised gross proceeds of $263,900 through the sale of units at a price of $0.25 per unit (each a "Unit"). Each Unit comprises one common share of the Company (a "Share") and one‐half of a common share purchase warrant, with each whole warrant being exercisable to acquire one common share at a price of $0.50 per share for a period of four years from closing.
The proceeds of the Private Placement will be used for the acquisition of additional lands in the Company's Vail project in the United States, the exercise of an option to acquire a further 17.5% interest in the Maverick project (see press release September 28, 2012), general working capital and the costs of the offering.
All securities to be issued under the second and final tranche of the Private Placement will be subject to a four‐month statutory hold period in Canada ending March 1, 2013.
Strata‐X is a Golden, Colorado 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, Colorado and Western Australia and production and development opportunities in California and Texas. Strata‐X has 50,287,105 common shares outstanding and trades under the symbol SXE on the TSX.V.
Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com).
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.