The Vancouver-based company said funds raised will also be used for working capital
Inc () (OTCMKTS: DXIEF) announced that it closed its private placement raising $1.9 million to finance its drill program at the Woodrush project in British Columbia.
Funds will also be used for working capital for continuing operations, the Vancouver-based oil company said in a statement.
The oil and gas company issued up to 33.05 million shares at $0.06 each and has closed the final tranche of the private placement to raise $1.983,140.
DXI Energy is an upstream oil and gas exploration and production company operating in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia.
The company said the placement is subject to final approval from the Toronto Stock Exchange and Canadian regulatory authorities.
Shares of DXI Energy were at C$0.05 on Thursday.
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