Business
DualEx announces closing of $5.77 million short form prospectus offering
DualEx announces closing of $5.77 million short form prospectus offering
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 10 /CNW/ -- DualEx Energy International Inc. (\"DualEx\" or the \"Corporation\") (TSX-V : DXE), is pleased to announce that it has closed its previously announced short form prospectus offering, raising gross proceeds of $5,771,000 for the Corporation.The Offering was co-led by Clarus Securities Inc. and Jennings Capital Inc. (together, the \"Agents\"). A total of 14,427,500 units (\"Units\") were issued by the Corporation at a price of $0.40 per Unit (the \"Offering Price\") for gross proceeds of $5,771,000. Each Unit consists of one common share of DualEx (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at any time prior to 5:00 p.m. (Calgary Time) on or before the earlier of the date that is: (a) November 10, 2011; and (b) 30 days after the giving of notice of early termination by DualEx, which may be given by DualEx, in its sole discretion, if the closing price of the Common Shares on the TSX Venture Exchange is at least $0.80 for a minimum of 30 consecutive trading days (whether or not trading of Common Shares occurs on such days) (the \"Triggering Event\") within 30 days of the Triggering Event by written notice to the Warrantholders that the expiry date of the Warrants has been accelerated to 30 days following delivery of such notice. The exercise price of the Warrants is $0.50 per Common Share during the first 12 month period and $0.60 per Common Share thereafter.The Corporation will use the net proceeds of the Offering for the drilling, completion and tie-in of 2 - 4 wells in Hungary, the completion and testing of the Al Tayr-101 well in Syria, to commence exploration activities on the Bouhajla Block in Tunisia, working capital and general corporate purposes.The Agents were paid a cash commission of $403,970 in connection with the Offering and received an aggregate of 1,009,925 compensation options to acquire that number of Common Shares at a price of $0.40 per Common Share until November 10, 2011.The Corporation has granted to the Agents an option exercisable, in whole or in part, for a period of 30 days after the closing date of the Offering to require DualEx to issue up to an additional 15% of the Units actually sold at the closi...