Jun 13, 2011
Doxa Announces CDN$2 Million Private Placement
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. - TSX Venture Exchange DXA. - ("Doxa" or the "Company"), announces a non-brokered private placement of 5,714,286 units (each a "Unit") at a price of $0.35 per Unit for aggregate proceeds of $2,000,000. Each Unit is comprised of one common share and one share purchase warrant. Each share purchase warrant (a "Warrant") entitles the holder to acquire one additional common share for a period of two years at a price of $0.55. Upon the completion of a four month period commencing from the date of issuance, the Warrants will be subject to accelerated conversion within 30 days of the Company disseminating a press release providing notice of same, in the event the shares of the Company close at over $0.75 for 10 consecutive trading days.
Finder's fees payable in cash or in warrants may be paid on portions of the placement.
Proceeds of the placement will be used to fund the Company's oil and gas projects in Texas, and additionally to exercise the Company's option with Dynamic Production, Inc. to acquire a twenty percent (20%) share of up to 18,000 gross acres of leasehold in the emerging Mississippian Oil Play in Northern Oklahoma.
On behalf of the Board of Directors
John D. Harvison
President, Chief Executive Officer
For further information contact: Scott Parsons or Paul McKenzie, Directors 604.642.2625 or visit www.doxaenergy.com
Neither TSX Venture Exchange nor its Regulation Services providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in the Company's business, including risks inherent in oil and gas exploration and development, and uncertainties in connection with anticipated commodity prices for oil and natural gas, growth of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel, among others As a result, actual results may vary materially from those described in the forward-looking statements.