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FINWIRES

New Stratus Energy Raises C$6.5 Million Via First Tranche of Non-Brokered Private Placement

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New Stratus Energy (NSE.V) raised about C$6.5 million after it closed the first tranche of its non-brokered private placement of common shares, it said on Tuesday.

The company issued 13.1-million common shares at C$0.50 apiece, as part of the first tranche. Executive officers and directors of the company, Jose Francisco Arata and Wade Felesky, participated in the first tranche and acquired 177,648 common shares.

New Stratus Energy expects to complete the second and final tranche of the offering on or about Aug. 4. Proceeds will be used to advance due diligence on opportunities in Venezuela, it said.

The company also entered into a debt settlement transaction, pursuant to which New Stratus agreed to issue 467,981 common shares to settle about C$245,000 of outstanding debt.

Shares of the company closed down 0.8% to C$0.655 on Monday on the TSX Venture Exchange.

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