Nov 23, 2010
Doxa Closes $3.8 Million Private Placement
VANCOUVER, BRITISH COLUMBIA - Doxa Energy Ltd. - TSX Venture Exchange DXA. - ("Doxa" or the "Company"), announces that its previously reported, non-brokered private placement, (please see Doxa October 15, 2010 news) has now closed. The private placement was increased by 8.6% in order to accommodate excessive demand. A total 10,860,856 units (each a "Unit") were issued at a price of $0.35 per Unit raising gross proceeds of $3,801,300. Each Unit comprised one common share and one half of one share purchase warrant. Each whole 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 per share. 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.
A finder's fee of $150,366 representing 5% of the proceeds raised and 386,018 Warrants, representing 5% of the Units placed was paid on portions of the placement. All securities issued pursuant to the placement are subject to a four month hold period expiring on March 24, 2011.
Proceeds of the placement will be applied to the Company's oil and gas projects in Texas and general working capital.
On behalf of the Board of Directors
John D. Harvison
President, Chief Executive Officer
For further information contact: Scott Parsons Director or Paul McKenzie Director 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.