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DualEx closes acquisition of Alberta oil & gas assets, private oil & gas companies, and private placement of units
DualEx closes acquisition of Alberta oil & gas assets, private oil & gas companies...
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[{"type":"text","content":"\n\n\n\nDualEx closes acquisition of Alberta oil & gas assets, private oil & gas companies, and private placement of units\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nDualEx closes acquisition of Alberta oil & gas assets, private oil & gas companies, and private placement of units\nCanada NewsWire\nCALGARY, Oct. 21, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Oct. 21, 2016 /CNW/ - DualEx Energy International Inc. (\"DualEx\" or the \"Company\") (TSXV: DXE) announced that, further to its news release dated September 30, 2016, it has closed the acquisition of producing assets in the Peace River Arch area of northern Alberta, closed the acquisition of two private corporations and closed the non-brokered private placement offering of 81,050,000 units at a price of $0.01 per unit for gross proceeds of $810,500.\n\nCompany President & CEO Ken Tompson commented, \"We exceeded the minimum sought under the private placement, and the funds generated, combined with those held in the private companies acquired, will provide DualEx with the financial wherewithal to undertake optimization initiatives planned for the Peace River arch asset acquisition and to lay the groundwork for development activities going forward.\"\n\nThe Asset Acquisition\n\nDualEx acquired producing oil and gas assets in the Peace River Arch area of northwest Alberta (the \"Asset Acquisition\") from a private company (the \"Vendor\").  The consideration paid to the Vendor was $285,000 cash, subject to adjustments, and the issuance of two million non-interest bearing, non-voting Series I Preferred Shares (the \"Preferred Shares\").  Subject to restrictions on becoming an insider of DualEx as a result of conversion of the Preferred Shares, the Vendor may, at any time and at its option, convert all or part of the Preferred Shares into units (\"Asset Acquisition Units\") of DualEx.  Each such Asset Acquisition Unit is comprised of one (1) common share in the capi...