SXE Strata X Energy Ltd

May 15, 2012 - Strata-X Ltd. (TSX VENTURE:SXE) ("Strata-X" or the "Corporation")
wishes to announce a non-brokered private placement to raise up to $7,000,000
through the issuance of units and convertible notes. The Corporation is also
proposing to allow for up to $1 million of over-allotment units or convertible
notes. Each unit will be made up of one common share and one-half of a common
share purchase warrant ("Unit") at a price of $0.25 per Unit. Each whole warrant
will entitle the holder to acquire one common share of the Corporation at a
price of $0.60 per share for a period of 2 years from the date of closing. The
convertible notes are redeemable convertible obligations of the Corporation (the
"Convertible Notes"). The Convertible Notes shall have a term of one year and
the principal amount of the Convertible Notes shall bear interest at an annual
rate of 5%, which interest shall be payable semi-annually in arrears and they
shall be convertible to units at a deemed price of $0.28 per unit. Each unit
will be made up of one common share and one-half of a common share purchase
warrant. The Convertible Notes shall automatically convert at the end of term
into such units. The Corporation does not intend to list the Convertible Notes
on the TSX Venture Exchange and they will not be secured against the
Corporation's assets. The Convertible Notes will not have voting rights. The
Corporation may pay finders' fees to eligible parties and these fees may be in
the form of cash or common shares. 


The proceeds of the private placement will be used for acquisition of additional
lands in the Corporation's Vail project in the United States ($4 million)
general working capital ($750,000 ) and the costs of the offering. It is
anticipated that current insiders of the Corporation may subscribe for up to $1
million in Units or Convertible Notes. It is not expected that the private
placement will create any new insiders or control persons. The private placement
is subject to approval of the TSX Venture Exchange. 


Strata-X is a Edmonton, Alberta and 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, and production and
development opportunities in California and Texas. Strata-X has 42,600,656
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)

This news release contains forward-looking statements, which relate to future
events or future performance and reflect management's current expectations and
assumptions. The use of any of the words "anticipate", "continue", "estimate",
"expect", 'may", "will", "project", "should", 'believe", and similar expressions
are intended to identify forward-looking statements. Such forward-looking
statements reflect management's current beliefs and are based on assumptions
made by and information currently available to the Company. Readers are
cautioned that these forward looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future
results to differ materially from those expected and the forward-looking
statements included in this news release should not be unduly relied upon. See
"Risks and Uncertainties" in the Company's Filing Statement dated August 30,
2011 available on SEDAR at www.sedar.com These forward-looking statements are
made as of the date hereof and the Company does not assume any obligation to
update or revise them to reflect new events or circumstances save as required
under applicable securities legislation. This news release does not constitute
an offer to sell securities and the Company is not soliciting an offer to buy
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction.

Strata X Energy (TSXV:SXE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Strata X Energy (TSXV:SXE)
Historical Stock Chart
From Jul 2023 to Jul 2024