Strata-X Raises Funds to Progress CBM Projects

Sydney-listed Strata-X Energy, which is developing coalbed methane (CBM) projects in Australia and Botswana, May 8 said it has raised A$300,000 (US$195,930) via non-brokered private placement.

The company raised gross proceeds through the issuance of 5,000,000 units at a price of A$0.06/unit. Each unit consists of one chess depository unit (CDI) and one half of one (unlisted) option. Each option is exercisable into one CDI at an exercise price of A$0.07 up until May 31, 2022, it said.

Strata-X intends to use the funds to progress its CBM project in Queensland, ongoing exploration, environmental and development studies of the Serowe CBM project in Botswana, lease maintenance and general working capital purposes, the company said.

Late last month, Strata-X revised the heads of agreement it signed with fellow Australian explorer BotsGas to farm-out stake in the Serowe CBM project. As a result of global travel restrictions due to the Covid-19 crisis, Strata-X and Botsgas have reviewed the exploration programme.