Deal sells 12,328,156 units with 18-month warrants at C$0.30 per unit
By Devika Patel
Knoxville, Tenn., Sept. 22 - Strata-X Ltd. said it concluded a C$3.7 million non-brokered private placement of units. The deal priced on Aug. 30, when the company was doing business as Ozcapital Ventures Inc.
The company sold 12,328,156 units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.50 until March 22, 2013. The strike price represents a 233.33% premium to the Aug. 29 closing share price of C$0.15.
Proceeds will be used to complete the company's stated business objectives and for general and administrative expenses and general working capital.
The Edmonton, Alta., company also said it completed its qualifying transaction in which Ozcapital acquired all outstanding common shares of Strata-X, Inc. in exchange for 19.98 million units of one common share and one half-share warrant at a deemed price of C$0.15 per unit. The warrants in these units were identical to those sold in the placement. The transaction was valued at C$3 million. Strata-X has become an oil and natural gas explorer; it was previously a capital pool company.
| Issuer: | Strata-X Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3,698,447
|
| Units: | 12,328,156
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 22, 2013
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 22
|
| Stock symbol: | TSX Venture: SXE, previously OZZ.P
|
| Stock price: | C$0.15 at close Aug. 30
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
