Completion of Share Purchase Plan raising a total of A$2.5M
Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to advise that its Share Purchase Plan (“SPP”) closed on 16 December 2014.
Applications have been received for a total of approximately A$1,671,000 under the SPP (using the exchange rate applicable to the SPP of A$1:GBP0.55).
Underwriters Patersons Securities Limited and DJ Carmichael Pty (“Underwriters”) have been notified of the resulting shortfall of A$829,000 which will be taken up by the Underwriters and sub-underwriters to the SPP. This will result in a total fundraise of A$2.5 million before expenses.
Accordingly, the Company expects to issue a total of 60,975,610 new shares under the SPP (“New Shares”) on 22 December 2014 (“Issue Date”). The issue price for the New Shares will be 4.1 cents per New Share (2.3 pence per New Share), representing a 20% discount to the volume weighted average market price of shares in the Company on the ASX traded during the previous five trading days prior to the Issue Date, rounded to the nearest 0.1 cent.
Funds raised under the SPP will be used to progress activities at the Cambay Basin in Gujarat, India and for working capital.
The Oilex Board thanks all shareholders who participated in the SPP for their support.
To view the entire document, please click on the link below. Completion of share purchase plan