LONDON (Alliance News) - Shares in Oilex Ltd rose on Wednesday as the the oil exploration company secured an AUD30,000, or around GBP17,000, increase to an existing loan agreement with investors.
Shares were up 12% Wednesday at a price of 0.16 pence each.
The initial AUD300,000 loan was announced it late July, and was for one year at an interest rate of 5%. As part of it, Oilex issued 83.3 million options at an exercise price of AUD0.0036.
The new loan is now worth AUD330,000, and thus the new number of options issued is 91.7 million, at the same exercise price. The new loan is on the same terms as the prior one.