DualEx Announces Closing of Private Placement Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, May 12, 2014 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Corporation") (TSX-V : DXE), announced today that is has closed a non-brokered private placement of units for gross proceeds of $1,023,017, subject to TSX Venture Exchange final approval. DualEx issued 5,384,300 units at a price of $0.19 per unit.  Each unit consists of one common share and one common share purchase warrant.  Each whole warrant entitles the holder thereof to acquire one common share at a price of $0.28 per share for a period of one year after the closing.  If, at any time, the volume-weighted average price of the common shares on the TSX Venture Exchange is at least $0.84 for a minimum of 10 consecutive trading days (whether or not trading occurs on all such days, provided that the common shares trade on at least five of such trading days), the Corporation may, in its sole discretion, provide written notice to the holder that the exercise period has been reduced to 30 days following the delivery of such notice.

Finders acting in connection with the private placement received fees of $60,241 and 317,058 finder's warrants, with each finders warrant entitling the holder to purchase one common share at a price of $0.19 per share for a period of one year after the closing.

All securities issued in connection with the offering are subject to a hold period of four months from the date of closing. Immediately following the closing, 4,231,600 of the common shares purchased by the subscribers under the private placement were exchanged for free-trading shares held by directors and officers of DualEx, who in return received the shares with the four month hold period. 

The net proceeds from the offering will be used to finance the Corporation's oil and gas exploration and production activities within the Bouhajla Permit in Tunisia and for general working capital.

DualEx Energy International Inc. is an oil and gas exploration and production company with operations in Tunisia and Hungary. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning DualEx's future operations.  The forward-looking statements and information are based on certain key expectations and assumptions made by DualEx, including expectations and assumptions concerningequipment and crew availability and joint venture partner financial capability. Although DualEx believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because DualEx can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause DualEx's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions.  Additional information on these and other factors is available in continuous disclosure materials filed by DualEx with Canadian securities regulators.  Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. DualEx undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

SOURCE: DualEx Energy International Inc.

Garry Hides, President & CEO, DualEx Energy International Inc., 200, 521 - 3rd Avenue SW, Calgary, Alberta, Canada T2P 3T3, Tel: [phone] ext. 223, www.dualexen.com