DualEx Closes Acquisition of Alberta Oil & Gas Assets, Private Companies, and Private Placement of Units

DualEx Energy International (“DualEx” or the “Company”) (TSXV: DXE) today announced that it has closed the acquisition of producing assets in the Peace River Arch area of northern Alberta, the acquisition of two private corporations and the non-brokered private placement offering of 81,050,000 units at $0.01 per unit.
As quoted in the press release:

DualEx 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”).
Concurrent with the completion of the Asset Acquisition, DualEx purchased two private oil and gas companies for the collective consideration of $550,000 paid by the issuance of 55,000,000 units of DualEx (each a “Private Company Acquisition Unit”) at a deemed value of $0.01 per Private Company Acquisition Unit (collectively, the “Private Company Acquisitions”).
In conjunction with the completion of the Asset Acquisition and the Private Company Acquisitions discussed above, DualEx completed a non-brokered private placement of 81,050,000 units (each an “Offering Unit”) at a price of $0.01 per Offering Unit for gross proceeds of $810,500 (the “Offering”)…The proceeds of the Offering will be used for working capital and general corporate purposes.  The Common Shares and Offering Warrants issued in connection with the Offering are subject to a hold period that expires on February 21, 2017.
After the completion of the Private Company Acquisitions and the Offering announced above, DualEx has 250,088,939 Common Shares issued and outstanding.  After the completion of the Consolidation, and assuming no Preferred Shares are converted and no warrants are exercised, it is anticipated that DualEx will have, on a post-Consolidation basis, approximately 25,008,893 Common Shares issued and outstanding.

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