Oilex Secures Additional GBP150,000 Under Share Placing

(Alliance News) - Oilex Ltd on Wednesday said that it has has expanded its previously announced GBP600,000 equity capital raising by a further GBP150,000, resulting in total proceeds of GBP750,000.

The Perth, Australia-based oil & gas exploration company said it will issue 78.9 million additional new shares at 0.19 pence per new share to clients of the company's broker Novum Securities Ltd and existing shareholders of Oilex.

Oilex shares on Wendesday closed at 0.21p each in London, up 1.9%.

"The placing is an expansion of the recent equity capital raising, being to the same subscribers and on the same terms as completed earlier this month and first announced on 30 September 2019. The net proceeds of the placing will be used for general working capital purposes," Oilex said.

In September, Oilex said it would raise GBP600,000 via placing 315.8 million shares at 0.19p per share to advance the company's Cambay project in the Indian state of Gujarat, fund new ventures, reduce debt and to meet working capital requirements.

By Tapan Panchal; tapanpanchal@alliancenews.com

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