Oilex Ltd - Renounceable Rights Issue
As announced on 7 July 2015, Oilex Ltd (Oilex) is undertaking a capital raising to raise approximately A$30 million. As part of the capital raising Oilex is undertaking a renounceable pro-rata offer of new ordinary shares in Oilex (New Shares) at an offer price of A$0.041 (or £0.02 for Depository Interest holders) per New Share to raise approximately A$7 million (before costs) (Rights Issue). The Rights Issue is being made on the basis of 1 New Share for every 4 Oilex shares held at 5.00pm (AWST) (or in the case of Depositary Interest holders, 5.00pm (GMT)) on 14 July 2015 (the Record Date). The Rights Issue is being fully underwritten by Patersons Securities Limited.
The net proceeds of the Rights Issue will be used primarily to fund part of the Cambay and Bhandut Field work programmes for the 2015/16 year, minimum work commitments in the Canning Basin and general working capital purposes.
This letter is to inform you about the Rights Issue, and to explain why you will not be able to subscribe for New Shares under the Rights Issue. This is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter.
To view the entire document, please click on the link below. Rights Issue - Letter to Ineligible Shareholders