Canada’s DualEx Energy International Inc. closed the acquisition of producing assets in the Peace River Arch area of northern Alberta. It also closed the acquisition of two private corporations and closed a financing, the company said Oct. 21.
DualEx acquired the Peace River Arch assets in a transaction where it paid a private company (the vendor) CA$285,000 in cash and issued 2 million non-interest bearing, non-voting Series I preferred shares.
DualEx said that the vendor may convert all or part of the preferred shares into DualEx units comprised of one common share and one-half of a share purchase warrant.
DualEx also purchased two private oil and gas companies—concurrent with the closing of the Peace River asset acquisition—for the collective consideration of $550,000 paid by the issuance of 55 million DualEx units at a one-cent deemed value each.
Each of these private company acquisition units consists of one common share and one-half of a share purchase warrant. Each warrant can convert into a common share for two years from the closing date.
DualEx said it completed a nonbrokered private placement of about 81 million common units priced at one cent each for gross proceeds of $810,500.
The units consist of one common share and one-half of a share purchase warrant. The shares and warrants are subject to a hold period expiring on Feb. 21, 2017.
The proceeds from this private placement will support working capital and general corporate purposes.
President and CEO Ken Tompson said the company exceeded the minimum sought under the private placement.
DualEx also said that Jason Schoenfeld was appointed as vice president of engineering, effective Oct. 20. Schoenfeld is a professional engineer with 20 years’ experience in the western Canadian oil and gas industry.
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