Perth, Sep 4, 2009 AEST (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) has signed a term sheet to secure a A$20,000,000 facility with Trafalgar Capital Specialised Investment Fund, Luxembourg (Trafalgar).
Subject to terms and conditions of the facility, AuDAX Resources Limited may, at its discretion, issue shares to Trafalgar at any time over the next 30 months.
Shares issued to Trafalgar will be priced at 95% of the lowest of the daily volume weighted average price ("VWAP") of the Securities as quoted by Bloomberg during the prior five consecutive trading day period.
This term sheet is subject to completion of satisfactory due diligence by the Investor and execution of the formal agreement.
AuDAX Resources' Managing Director, Wolfgang Zimmer said:
"This new $20 million facility allows AuDAX to push forward with certainty its plans to drill the Sambuca well in the first half of 2010, whilst enabling increased flexibility in terms of volume and timing of financing our activities going forward".
About ADX Energy Limited
ADX Energy Limited's (
ASX:ADX) (OTCMKTS:ADXRF) is an Australian Stock Exchange (ASX) listed International Energy Explorer which is soon to become a Producer. The Company's Geographical focus is Onshore Europe and Offshore Mediterranean with a portfolio consisting of recently acquired Production as well as Appraisal, Development and Exploration Assets. ADX's interests are located in Romania, Italy, Tunisia and most recently Austria. The Company's immediate focus is on low cost, low risk, profitable resource commercialisation opportunities onshore and higher cost higher reward offshore projects in the longer term. The Company is headquartered in Perth, Western Australia with additional operating offices in Bucharest (Romania) and soon to be Vienna (Austria). The Company also has representative offices in Italy and Tunisia.
ADX Energy's vision is to establish a stable cash producing platform onshore Europe and develop a number of rapid resource to reserves opportunities as well as low risk exploration potential with access to infrastructure in favourable fiscal and operating environments.
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