Share Name Share Symbol Market Type Share ISIN Share Description
Oilex Ld LSE:OEX London Ordinary Share AU000000OEX8 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.025 14.71% 0.195 0.18 0.21 0.205 0.17 0.17 47,129,348 14:10:57
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -2.4 -0.1 - 6

Oilex Ltd Equity Raise of GBP0.6m

30/09/2019 8:45am

UK Regulatory (RNS & others)


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RNS Number : 1122O

Oilex Ltd

30 September 2019

ASX-RNS Announcement

30 September 2019

ASX: OEX

AIM: OEX

Equity Capital Raising of GBP0.6 Million

Oilex Ltd (Oilex or the Company) is pleased to announce that it has arranged an equity capital raising to secure funding of GBP0.6 million (A$1.14 million) to advance the Cambay Project and new ventures together with reducing debt and meeting its working capital requirements.

The equity capital raising is by way of a placing of 315,789,474 shares (Placing Shares) at 0.19 pence (A$0.3480) per share (the "Placing") has been undertaken by Novum Securities Limited (Novum) to new and existing shareholders. The Placing price represents a 16.5% discount to the 10-day VWAP as traded on AIM.

Completion of the Placing is conditional, inter alia, upon admission of the Placing Shares to trading on AIM. The Placing Shares will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the shares the subject of the Placing to be admitted to trading on AIM and the Company will make an announcement at that time.

Pursuant to advisory agreements with Novum, the Company will issue 11,842,105 unlisted options exercisable at 0.19 pence on or before two years following the completion with the capital raising.

Following admission, the Company's share capital and total voting rights will comprise 3,193,853,957 shares. The Company does not hold any shares in treasury. Consequently, 3,193,853,957 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Managing Director, Joe Salomon, said "While the Company is loath to dilute its shareholders, it does become necessary from time to time to complete a capital raising to fund our activities in Cambay as well as our new ventures and pay down debt. We have endeavoured to minimize its effect maintaining our low-cost overhead structure, avoiding the SIAC arbitration proceedings and carefully leveraging new acquisitions.

With the support of existing and new institutional shareholders, the Placing helps position the Company in anticipation of a successful outcome from the GSPC Cambay Basin sales process. Oilex is looking forward to a reinvigorated Cambay JV which can focus on advancing the appraisal and ultimate commercialization of the significant tight gas resource already identified.

The Company appreciates the strong support from shareholders as we embark on an exciting period for the Company in 2020 with drilling planned at Cambay and new acquisitions planned in the Cooper Basin and UKCS."

For and on behalf of Oilex Ltd

Joe Salomon

Managing Director

For further information, please contact:

 
 Investor                AIM Broker                 AIM Nominated          Media Enquires         Media Enquiries 
 Enquiries               Cornhill Capital           Adviser                (UK)                   (Aus) 
 Oilex Ltd               Limited                    Strand Hanson          Vigo Communications    Citadel-MAGNUS 
 Joe Salomon             Broker                     Limited                Public Relations       Michael Weir 
 Managing                Daniel Gee                 Nominated Adviser      Patrick                Email: 
 Director                Email:                     Rory Murphy/Ritchie    d'Ancona/Chris         mweir@citadelmagnus. 
 Email:                  danielg@cornhillcapital.   Balmer                 McMahon                com 
 oilex@oilex.com.au      com                        Email:                 Email:                 Tel: +618 
 Tel: +61                                           oilex@strandhanson.c   patrick.dancona@vigo   6160 4900 
 8 9485 3200             Tel: +44 20                o.uk                   comms.com              Australia 
 Australia               3700 2500                  Tel: +44 20            chris.mcmahon@vigoco 
                         UK                         7409 3494              mms.com 
                                                    UK                     Tel:+ 44 20 7390 
                                                                           0230 
                                                                           UK 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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September 30, 2019 03:45 ET (07:45 GMT)

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