Irish Sea Licences - This is the next RNS IMHO. No Dilution24 Sep 2019 16:25
Koru has granted Oilex exclusivity until 30 September 2019. During this time, it is intended that the terms of the definitive documentation and funding for the Proposed Transaction will be finalised, and Oilex will seek confirmation from ASX that Listing Rules 11.1.2 and 11.1.3 will not apply to the Proposed Transaction.
Transaction Funding
Oilex is in advanced negotiations with potential co-investors into Oilex's half of the KLW Joint Venture, where the co-investors would substantially fund the Purchase Consideration payable by Oilex, should the Proposed Transaction complete. In this case, the Company's beneficial interest in the joint venture will be reduced. This route allows Shareholders to maintain material exposure to the potential upside of the assets whilst limiting dilution at the Company level to fund the Purchase Consideration. In the event that the negotiations with the potential co-investors are not successful, the Company may elect to fully fund the Purchase Consideration.