By Sheri Kasprzak
New York, May 18 - Dual Exploration Inc. wrapped a C$12 million private placement.
The company sold 30 million subscription receipts exchangeable for units of one share and one half-share warrant once Dual completes its agreement with subsidiary DualEx Energy International Inc. regarding Dual Exploration's oil and gas interests in Portugal and Syria.
Under the terms of the agreement, DualEx will receive Dual's interest in those properties and receive a gross overriding royalty interest in 53 coal-bed methane gas wells in Wyoming.
The whole warrants associated with the PIPE are exercisable at C$0.55 each for two years.
Clarus Securities Inc. was the lead agent with Dundee Securities Corp. as co-agent.
The proceeds from the deal will be used by DualEx to start work on the Syrian and Portuguese properties received in the agreement. The remainder will be used for working capital.
Dual, based in Calgary, Alta., is an oil and natural gas exploration company.
| Issuer: | Dual Exploration Inc.
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| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
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| Amount: | C$12 million
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| Receipts: | 30 million
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit upon exchange
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.55
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| Placement agents: | Clarus Securities Inc. (lead), Dundee Securities Corp.
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| Settlement date: | May 18
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| Stock symbol: | Toronto: DLX
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| Stock price: | C$1.75 at close May 18
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