Oilex Ltd Equity Capital Raising of GBP0.65m (7972K)
18 December 2018 - 6:59PM
UK Regulatory
TIDMOEX
RNS Number : 7972K
Oilex Ltd
18 December 2018
ASX Announcement
18 December 2018
ASX: OEX
AIM: OEX
Equity Capital Raising of GBP0.65 Million
Oilex Ltd (Oilex or the Company) is pleased to announce that it
has arranged an equity capital raising to secure funding of GBP0.65
million (A$1.14 million) to meet the Company's working capital
requirements.
The equity capital raising is by way of a placing of 180,555,555
shares at 0.36 pence (A$0.6314) per share has been undertaken
jointly by Novum Securities Limited (Novum) and SP Angel Corporate
Finance LLP (SP Angel) (the Placing). The placing price represents
a 18% discount and 2% premium to the 5 day and 20 day VWAP
respectively as traded on AIM.
Funds raised from the Placing are intended to be applied towards
the working capital requirements of the Company. Completion of the
Placing is conditional, inter alia, upon admission of the shares
the subject of the Placing to trading on AIM. The shares the
subject of the Placing 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 and SP Angel, the
Company will issue 6,666,666 unlisted options exercisable at 0.36
pence on or before two years following the completion with the
capital raising (Broker Options).
Following admission, the Company's share capital and total
voting rights will comprise 2,576,987,998 shares. The Company does
not hold any shares in treasury. Consequently, 2,576,987,998 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.
Republic Investment Management PTE Ltd ("Republic") has
participated in GBP50,000 of the Placing. As a result of Republic's
interest in the Company (when taking account of its options in the
Company) it is categorised as a Substantial Shareholder of the
Company pursuant to the AIM Rules for Companies (AIM Rules).
Accordingly, the participation of Republic in the Placing is
classified as related party transaction pursuant to the AIM
Rules.
The Directors of the Company, having consulted with Strand
Hanson Limited, the Company's Nominated Adviser, consider that the
terms of the Placing with Republic are fair and reasonable insofar
as the Company's shareholders are concerned.
Managing Director, Joe Salomon, said "As announced at the recent
AGM, the discussions with GSPC regarding the event of default are
well underway. While the Company presently anticipates that the
discussions will conclude in early 2019, the additional working
capital will help strengthen the Company's balance sheet and give
us the flexibility to support several potential outcomes.
The Company appreciates the strong investor support with
management seeking to find a balance between ongoing market
support, issue price and dilution, set against a volatile share
price environment in recent weeks."
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
MSCFFWSWAFASEIE
(END) Dow Jones Newswires
December 18, 2018 02:59 ET (07:59 GMT)
Synergia Energy (LSE:SYN)
Historical Stock Chart
From Apr 2024 to May 2024
Synergia Energy (LSE:SYN)
Historical Stock Chart
From May 2023 to May 2024