VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 12, 2016) – DXI Energy Inc. (NYSE MKT:DXI)(TSX:DXI) (“DXI” or the “Company”), an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia, today announced it has closed the Cdn.$353,800 final tranche of its private placement (the “Offering”), previously reported by the Company on May 27 and June 28, 2016.
A total of 2,948,333 common shares of the Company (the “Common Shares”) were issued in the final tranche at a price of Cdn.$0.12 per Common Share for gross proceeds of Cdn.$353,800. Combined with the initial tranche reported on June 28, 2016, the total private placement consisted of 8,298,333 shares for aggregate gross proceeds of Cdn.$995,800. Under certain circumstances a fee of 7% was paid to arms-length placement agents with respect to the non-insider participation.
The Offering remains subject to final approval of the Toronto Stock Exchange and NYSE MKT. The Company plans to use proceeds for the expansion of the Woodrush project in Northern British Columbia and for general working capital, all as described further in the May 27, 2016 press release.
About DXI ENERGY INC.
DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado’s Piceance Basin (39,312 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange (NYSE MKT:DXI) and Toronto Stock Exchange (TSX:DXI).