/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Nov. 1, 2013 /CNW/ - DualEx Energy International Inc. ("DualEx"
or the "Corporation") (TSX-V: DXE), announced today that is has closed
the first and second tranche of its previously announced non-brokered
private placement of units for gross proceeds of $737,960, subject to
TSX Venture Exchange final approval. DualEx issued 3,884,000 units at a
price of $0.19 per unit. Each unit consists of one common share and
one-half of one (1/2) common share purchase warrant. Each whole
warrant entitles the holder thereof to acquire one common share at a
price of $0.30 per share for a period of one year after the closing.
If, at any time, the volume-weighted average price of the common shares
on the TSX Venture Exchange is at least $0.90 for a minimum of 10
consecutive trading days (whether or not trading occurs on all such
days, provided that the common shares trade on at least five of such
trading days), the Corporation may, in its sole discretion, provide
written notice to the holder that the exercise period has been reduced
to 30 days following the delivery of such notice.
Finders acting in connection with the private placement received fees of
$44,278 and 233,040 finder's warrants, with each finders warrant
entitling the holder to purchase one common share at a price of $0.19
per share for a period of one year after the closing.
All securities issued in connection with the offering are subject to a
hold period of four months from the date of closing. Immediately
following the closing, the common shares purchased by the subscribers
under the private placement were exchanged for free-trading shares held
by directors and officers of DualEx, who in return received the shares
with the four month hold period.
The net proceeds from the offering will be used to further the
Corporation's oil and gas exploration and production activities within
the Bouhajla Permit in Tunisia and for general working capital. An
additional tranche of the private placement is expected to occur on or
about November 5, 2013.
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