SXE closes $700,000 private placement. Spud date OCT 20,2020 STRATA-X CLOSES CDI PLACEMENT/UPDATE ON VENUS-1
Strata-X Energy Ltd. has closed its non-brokered private placement in Australia. The Company raised gross proceeds of A$700,000 through the issuance of 11,666,667 Units at a price of A$0.06 per Unit. Each Unit consists of one Chess Depository Unit ("CDI") and one half of one (unlisted) option. Each option is exercisable into one CDI at an exercise price of A$0.12 up until 30 September 2022.
The Company intends to use the proceeds from the Placement primarily to fund Strata-X's joint venture share of the CSG pilot well named Venus-1 on Project Venus located within the Surat Basin Walloon CSG fairway, for general working capital purposes and any costs of the Placement.
Eligible finders may receive a cash fee of up to 6.0% of gross proceeds raised, to be paid in cash. All of the securities issued pursuant to the Placement will have a hold period in Canada expiring on 5 February 2021.
Update on Venus-1
The contract with Silver City to drill Venus-1 has been agreed and endorsed. The current planned Venus-1 spud date is 20 October 2020. The Company will confirm this closer to planned spud date.
About Strata-X
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 Queensland, Australia, the States of California and Illinois in the United States of America and the Republic of Botswana. Strata-X has 124,204,985 common shares outstanding (after the Placement) and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.