Perth, Oct 13, 2009 AEST (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PNK:ADXRF) has executed the formal Committed Equity Facility Agreement 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 Ordinary Shares on ASX as quoted by Bloomberg during the prior five consecutive trading day period. This facility ensures AuDAX can meet its future commitments.
Engineering, tendering and bid evaluation for the exploration drilling of the Sambuca Prospect in the Sicily Channel is proceeding according to plan.
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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