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DualEx enters into agreements to purchase Alberta oil and gas assets and private oil and gas companies, plans private placement and announces management changes and share consolidation
DualEx enters into agreements to purchase Alberta oil and gas assets and private oil and g...
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[{"type":"text","content":"\n\n\n\nDualEx enters into agreements to purchase Alberta oil and gas assets and private oil and gas companies, plans private placement and announces management changes and share consolidation\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 enters into agreements to purchase Alberta oil and gas assets and private oil and gas companies, plans private placement and announces management changes and share consolidation\nCanada NewsWire\nCALGARY, Sept. 30, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Sept. 30, 2016 /CNW/ - DualEx Energy International Inc. (\"DualEx\" or the \"Company\") (TSXV: DXE) announced today that it has entered into an Alberta oil and gas asset purchase and sale agreement, entered into two private Alberta oil and gas company share purchase agreements, launched a non-brokered private placement offering of units at a price of $0.01 per unit, appointed Mr. Ken Tompson, P.Geol, as President and CEO of DualEx and will seek shareholder approval to undertake a 10 for 1 consolidation of the Company's common shares.\n\nThe Asset Acquisition\n\nDualEx has entered into an asset purchase and sale agreement executed on September 28, 2016 (the \"Asset Purchase Agreement\") to acquire 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 will consist of $285,000 cash (subject to final adjustments) and the issuance of two million non-interest bearing, non-voting series I preferred shares (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 will be comprised of one (1) common share in the capital of DualEx (each a \"Common Share\") and one-half (1/2) of a Common Share purchase warrant (each whole such warrant, an \"Asset Acquisition Warrant\"). ...