DualEx announces closing of $5.77 million short form prospectus offering

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Nov. 10 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Corporation") (TSX-V : DXE), is pleased to announce that it has closed its previously announced short form prospectus offering, raising gross proceeds of $5,771,000 for the Corporation.

The Offering was co-led by Clarus Securities Inc. and Jennings Capital Inc. (together, the "Agents"). A total of 14,427,500 units ("Units") were issued by the Corporation at a price of $0.40 per Unit (the "Offering Price") for gross proceeds of $5,771,000. Each Unit consists of one common share of DualEx (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant a "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) November 10, 2011; 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 closing price of the Common Shares on the TSX Venture Exchange is at least $0.80 for a minimum of 30 consecutive trading days (whether or not trading of Common Shares occurs on such days) (the "Triggering Event") within 30 days of the Triggering Event by written notice to the Warrantholders that the expiry date of the Warrants has been accelerated to 30 days following delivery of such notice. The exercise price of the Warrants is $0.50 per Common Share during the first 12 month period and $0.60 per Common Share thereafter.

The Corporation will use the net proceeds of the Offering for the drilling, completion and tie-in of 2 - 4 wells in Hungary, the completion and testing of the Al Tayr-101 well in Syria, to commence exploration activities on the Bouhajla Block in Tunisia, working capital and general corporate purposes.

The Agents were paid a cash commission of $403,970 in connection with the Offering and received an aggregate of 1,009,925 compensation options to acquire that number of Common Shares at a price of $0.40 per Common Share until November 10, 2011.

The Corporation has granted to the Agents an option exercisable, in whole or in part, for a period of 30 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 primarily in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".

Forward-Looking Statements

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

%SEDAR: 00023802E

SOURCE DualEx Energy International Inc.

For further information: For further information: This press release is reproduced on DualEx's website at www.dualexen.com. For this and other information about DualEx Energy International Inc., please visit the website or contact Garry Hides (President & CEO) at (403) 265-8011 ext. 223

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DualEx Energy International Inc.

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