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DXI Energy raises $1.9 million for development of Woodrush project

The Vancouver-based company said funds raised will also be used for working capital

Woodrush project
DXI Energy operates in Colorado’s Piceance Basin and the Peace River Arch region in British Columbia

DXI Energy Inc (TSE:DXI) (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.

WATCH: DXI Energy announces results of first well at Woodrush project

 

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. 

Contact Katie Lewis at [email protected]

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Price: 0.015 CAD

TSX:DXI
Market: TSX
Market Cap: $3.79 m
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DXI Energy makes a move to the lucrative world of Methanol

DXI Energy (TSE: DXI- OTCQB: DXIEF) President and CEO Simon Raven sat down with Steve Darling from Proactive Vancouver to talk about the change the company is making with their Woodrush project near Ft. St. John.  The company is planning a move to produce methanol.   Raven talked...

on 12/9/19

2 min read