Capital Funding Program and General Meeting

I am writing to you with an update regarding your Company’s capital funding program announced on 7 and 8 July 2015 and to give you some further updated information relevant to the resolutions to be voted on at the General Meeting of Oilex shareholders to be held on 12 August 2015 (General Meeting), as contained in the Notice of Meeting dated 7 July 2015.

The Company made an announcement on 3 August 2015 which contains details of the changes to the capital funding program.  Broadly, Zeta Resources Limited (Zeta) has agreed to take up 62,011,067 shares by way of a placement out of the shortfall of the Company’s recent rights issue and will receive a fee of 6% that would otherwise have been paid to the underwriter.  On this basis, the rights issue is able to proceed to completion (with the remainder of the rights issue shortfall to be taken up by the underwriter or its nominees).

Zeta’s take up of rights issue shortfall shares has necessitated some changes to Zeta’s participation in the second tranche of the placing forming part of the capital funding program, so that Zeta and its associates do not breach relevant Australian takeovers laws.  Zeta’s participation will now be changed (although the quantum of Zeta’s participation on Tranche 2 has not changed overall) as follows, subject to approval of the resolutions to be voted upon at the General Meeting.

To view the entire letter, please click on the link below.

Shareholder letter