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DualEx Announces Closing of First and Second Tranche of Private Placement Financing
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 1, 2013 /CNW/ - DualEx Energy International Inc. (\"DualEx\"\n or the \"Corporation\") (TSX-V: DXE), announced today that is has closed\n the first and second tranche of its previously announced non-brokered\n private placement of units for gross proceeds of $737,960, subject to\n TSX Venture Exchange final approval. DualEx issued 3,884,000 units at a\n price of $0.19 per unit.  Each unit consists of one common share and\n one-half of one (1/2) common share purchase warrant.  Each whole\n warrant entitles the holder thereof to acquire one common share at a\n price of $0.30 per share for a period of one year after the closing. \n If, at any time, the volume-weighted average price of the common shares\n on the TSX Venture Exchange is at least $0.90 for a minimum of 10\n consecutive trading days (whether or not trading occurs on all such\n days, provided that the common shares trade on at least five of such\n trading days), the Corporation may, in its sole discretion, provide\n written notice to the holder that the exercise period has been reduced\n to 30 days following the delivery of such notice.\n\n\nFinders acting in connection with the private placement received fees of\n $44,278 and 233,040 finder's warrants, with each finders warrant\n entitling the holder to purchase one common share at a price of $0.19\n per share for a period of one year after the closing.\n\n\nAll securities issued in connection with the offering are subject to a\n hold period of four months from the date of closing. Immediately\n following the closing, the common shares purchased by the subscribers\n under the private placement were exchanged for free-trading shares held\n by directors and officers of DualEx, who in return received the shares\n with the four month hold period.\n\n\nThe net proceeds from the offering will be used to further the\n Corporation's oil and gas exploration and production activities within\n the Bouhajla Permit in Tunisia and for general working capital. An\n additional tranche of the private placement is expected to occur on or\n about November 5, 2013.\n\n\nDualEx Energy International Inc. is an oil and gas exploration and\n production company with operations in Tunisia and Hungary. Dua...