JSX Secures $3M Commitment to Expand Ops, Increase Acreage
JSX Energy has obtained a firm US$3-million commitment from a European investment group focused on oil & gas opportunities in emerging countries. The private placement of 2,068,965 units is priced at US$1.45 and consists of one share of JSX common stock and one 3-year purchase warrant priced at US$2.50 per share. The transaction is to close on or before April 16th, 2007 and the shares will be restricted for 12 months as per USSEC rule 144.
The investment will be used to accelerate the implementation of the Company's business plan and to aggressively pursue additional oil exploration and production opportunities throughout Thailand. A portion of the funds are earmarked to expand JSX's property holdings in the region and to fund projects on new concessions to be granted by the Thai Government on April 20th, 2007. Future operations may also be financed through joint ventures with other oil companies currently operating in Southeast Asia.
JSX presently has 1 million acres under exclusive license and will soon be granted two more concessions for an additional 1.5 million acres, in an under-explored and highly prospective region of northwest Thailand. JSX's exploration licenses are valid until 2015, while production permits span 20 years with an additional 10 year extension.
JSX Energy Inc. is an aggressive exploration company focused on high-growth opportunities in Thailand's petroleum sector.
- Interra Inks Deal for a 50% Stake in Thai Concessions (Nov 07)
- Thai Government Approved Interra's Farm-in/out Agreement with JSX (Oct 23)
- JSX Encouraged by Mae Sot Seismic Findings (May 08)