SDX Energy Inc. (TSXV:SDX) entered into non-binding heads of terms to acquire Circle Oil Egypt and Circle Oil Maroc from Circle Oil plc for $30 million in cash on December 28, 2016. The consideration includes $1.6 million to be directed to settle sums owed by Circle. The transaction will be funded through a conditional placing of new Common Shares in SDX Energy Inc. and a simultaneous direct subscription of new Common Shares to raise gross proceeds of approximately $40 million. The Placing is being conducted through an accelerated book building. SDX Energy Inc. expects to enter into a share purchase agreement on January 27, 2017. The deal is subject to the completion of due diligence, documentation, compliance with all regulatory requirements and conclusion of an equity fundraising. As of January 27, 2017, the financing for the acquisition has been raised. Sarah Wharry and Craig Francis of Cantor Fitzgerald Europe and Jonathan Wright and David van Erp of GMP FirstEnergy acted as the financial advisors for SDX Energy Inc. Mark Antelme and Jimmy Lea of Celicourt acted as the public relations advisors for SDX Energy Inc. Wacef Bentaibi, Loris Marghieri, Ghita Bourquouquou and Omar Fatémi of Gide Cuatrecasas Casablanca acted as legal advisor to SDX Energy.