Business
DualEx announces pricing of previously announced public offering and filing of final prospectus
DualEx announces pricing of previously announced public offering and filing of final prospectus
About this update from Spartan Delta Corp
[{"type":"text","content":"\n\n\n\nNov. 3, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 3 /CNW/ -- DualEx Energy International Inc. (\"DualEx\" or the \"Corporation\") (TSX-V : DXE), is pleased to announce that it has entered into an agency agreement to issue and sell a minimum of 7,500,000 units (\"Units\") of DualEx at a price of $0.40 per Unit (the \"Offering Price\") for minimum total gross proceeds to the Corporation of $3,000,000 and up to a maximum of 17,500,000 Units at the Offering Price for maximum total gross proceeds to the Corporation of $7,000,000. 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 will entitle 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) two years from the completion of the Offering; 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 will be $0.50 per Common Share during the first 12 month period and $0.60 per Common Share thereafter.DualEx also announces that it has filed a final short form prospectus in connection with the Offering. The Offering is co-led by Clarus Securities Inc. and Jennings Capital Inc. (together, the \"Agents\").The Corporation has granted to the Agents an option (the \"Over-Allotment 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 closing of the Offering at the Offering Price to cover over-allotments and for market stabilization purposes.The Corporation intends to use the net proceeds of the Offering for the drilling, completion and tie-in of wells in Hungary and the completion and testing of the Al Tayr-101 well in Syria. If the maximum...