/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, March 22, 2013 /CNW/ - DualEx Energy International Inc.
("DualEx" or the "Corporation") (TSX-V : DXE), announced today that it
has closed its previously announced short form prospectus offering,
raising gross proceeds of $1,901,125 for the Corporation.
The Offering was led by Beacon Securities Limited, for a syndicate of
agents (the "Agents"). A total of 12,674,167 units ("Units") were
issued by the Corporation at a price of $0.15 per Unit for gross
proceeds of $1,901,125. Each Unit consists of one common share of the
Corporation ("Common Share") and one Common Share purchase warrant
("Warrant"). Each Warrant entitles 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) March 22, 2015; 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 volume-weighted average price of the Common Shares
on the TSX Venture Exchange exceeds the warrant exercise price by at
least 200% for a minimum of 10 consecutive trading days (whether or not
trading of Common Shares occurs on all such days, provided that the
Common Shares trade on at least five of such trading days). The
exercise price of the Warrants will be $0.18 per Common Share.
The Corporation will use net proceeds of the Offering to: record a 47 km2 of 3D seismic data on the KT Block of the Corporation's Bouhajla
exploration block located onshore in the Pelagian Basin of east central
Tunisia and for general working capital purposes.
The Agents were paid a cash commission of $133,079 in connection with
the Offering and received an aggregate of 887,192 compensation options
to acquire that number of Common Shares at a price of $0.15 per Common
Share until March 22, 2015.
The Corporation has granted to the Agents an option exercisable, in
whole or in part, for a period of 15 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.
This news release does not constitute an offer to sell, or the
solicitation of an offer to buy, the securities in any jurisdiction,
including the United States, or to, or for the account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption
therefrom, nor shall there be any sale of the securities in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. The securities being offered will not be, and have not been,
registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold within the United States or to, or for
the account or benefit of, a U.S. person, absent U.S. registration or
an applicable exemption therefrom.
DualEx Energy International Inc. is an oil and gas exploration and
production company with operations in Tunisia and Hungary. DualEx's
common shares trade on the TSX Venture Exchange under the symbol "DXE".
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"schedule", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this news release contains forward
looking statements and information concerning DualEx's future
operations. The forward-looking statements and information are based
on certain key expectations and assumptions made by DualEx, including
expectations and assumptions concerning equipment and crew availability and joint venture partner financial
capability. Although DualEx believes that the expectations and assumptions on which
such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward looking
statements and information because DualEx can give no assurance that
they will prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which could
cause DualEx's actual results and experience to differ materially from
the anticipated results or expectations expressed. These risks and
uncertainties include, but are not limited to, reservoir
performance, labour, equipment and material costs, access to capital
markets, interest and currency exchange rates, and political and
economic conditions. Additional information on these and other factors
is available in continuous disclosure materials filed by DualEx with
Canadian securities regulators. Readers are cautioned not to place
undue reliance on this forward-looking information, which is given as
of the date it is expressed in this news release or otherwise, and to
not use future-oriented information or financial outlooks for anything
other than their intended purpose. DualEx undertakes no obligation to
update publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: DualEx Energy International Inc.
For further information:
Garry Hides, President & CEO
DualEx Energy International Inc.
200, 521 - 3rd Avenue SW
Calgary, Alberta, Canada T2P 3T3
Tel: (403) 265-8011 ext. 223
Investor Relations, The Equicom Group
300 - 5th Avenue SW, 10th Floor
Calgary, Alberta, Canada T2P 3C4
Tel: (403) 218-2833