Post by
Patrickx72 on Feb 06, 2019 1:09pm
More cash...but more shares sold...
NEWS TOGGLE NAVIGATION MORE DXI Energy Inc. (DXI - TSX) Vancouver, British Columbia--(Newsfile Corp. - February 6, 2019) - DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and natural gas exploration and production company operating projects in Colorado's Piceance Basin and the Peace River Arch region in British Columbia today announced that it plans to raise up to C$1,800,000 by way of the issuance of up to 30,000,000 shares at C$0.06 per common share to fund the Company's Woodrush, B.C. drill program and provide working capital for ongoing operations. The TSX has conditionally approved the private placement. The Company has today closed the initial tranche in the private placement consisting of 11,533,408 common shares at a price of C$0.06 per share for aggregate proceeds of C$692,000. This offering remains subject to final TSX approval. DXI CFO David Matheson states: "This new capital will fund the drilling and completion of the next Woodrush halfway pool test in Q1 2019. We expect to receive B.C. Oil & Gas Commission approval, and the issuance of the related drilling license, in short order. We look forward to reporting the status of our drilling operations as they commence later in the quarter."
Comment by
Zola2 on Feb 06, 2019 2:24pm
Previous poster was correct. Initial money was not enough so more shares. At least it is priced at 6 c. Still market does not like it, stock is down. See how it unfolds next week.
Comment by
foothillsdd on Feb 06, 2019 2:40pm
Dlution. It usually is not good for penny stocks.
Comment by
riverrrow on Feb 09, 2019 10:52am
The last time I looked (when I still owned some shares) company debt far exceeded book value of assets. I sold my shares below current share price. Kudos to management for somehow finding money to move forward. I would never have believed it. GLTA.