Oilex Ltd Capital Raising and T2 Variation (5537M)
April 30 2018 - 4:11AM
UK Regulatory
TIDMOEX
RNS Number : 5537M
Oilex Ltd
30 April 2018
ASX Announcement
30 April 2018
ASX: OEX
AIM: OEX
Capital Raising and T2 Variation
Oilex Ltd (the Company) is pleased to advise that it has entered
into placement agreements to issue 125,000,000 new ordinary shares
at an issue price of $0.004, raising $500,000 (Placement).
The Placement, which is under LR7.1, is anticipated to be
completed by mid-May 2018. Funds raised from the placement are
intended to be applied towards the working capital requirements of
the Company.
Variation to Tranche 2 Capital Raising Conditions
Further to the announcement of 29 March 2018, the Company
advises that it has been in negotiations with subscribers to amend
the Tranche 2 conditions pursuant to the subscription agreements
for the capital raising announced on 17 December 2017.
The completion of Tranche 2 of the capital raising is subject to
the successful extension of the Cambay PSC by the Government of
India for a further ten years on or before 31 March 2018. Tranche 2
is also subject to shareholder approvals, if required.
As at 30 April 2018, the substantial majority of subscribers
have agreed to extend the date for extension of the Tranche 2
conditions precedent to 31 July 2018. The Company anticipates that
the remaining subscribers will consent to the extension
shortly.
On 4 April 2018, the Company announced that it had received
notice that the Ministry of Petroleum and Natural Gas (MoPNG) had
approved the proposal for the grant of ten-year extension to the
Cambay Production Sharing Contract (PSC) and is proceeding to
complete the necessary documentation to amend the contract.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer Company Secretary
For further information, please contact:
Investor Enquiries Nominated Adviser Media Enquires (UK) Media Enquiries
Oilex Ltd Strand Hanson Vigo Communications (Aus)
Joe Salomon Limited Public Relations Citadel-MAGNUS
Managing Director Nominated Adviser Patrick d'Ancona/Chris Public Relations
Email: oilex@oilex.com.au Rory Murphy/Ritchie McMahon Michael Weir
Tel: +61 8 9485 Balmer Email: Email:
3200 Email: patrick.dancona@vigocomms.c mweir@citadelmagnus.com
Australia oilex@strandhanson.co.uk om Tel: +618 6160 4900
Tel: +44 20 7409 chris.mcmahon@vigocomms.com Australia
3494 Tel: +44 20 7830
UK 9700
UK
This information is provided by RNS
The company news service from the London Stock Exchange
END
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