/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, May 12, 2014 /CNW/ - DualEx Energy International
Inc. ("DualEx" or the "Corporation") (TSX-V : DXE), announced today
that is has closed a non-brokered private placement of units for
gross proceeds of $1,023,017, subject
to TSX Venture Exchange final approval. DualEx issued 5,384,300
units at a price of $0.19 per
unit. Each unit consists of one common share and one common
share purchase warrant. Each whole warrant entitles the
holder thereof to acquire one common share at a price of
$0.28 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 $0.84 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 $60,241 and 317,058 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, 4,231,600 of 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 finance the
Corporation's oil and gas exploration and production activities
within the Bouhajla Permit in Tunisia and for general working capital.
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".
Forward-Looking Statements
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
concerningequipment 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.