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Amendment to Loan Funding Agreement

Tue, 1st Oct 2019 07:00

>
RNS Number : 2500O
Oilex Ltd
01 October 2019
 

ASX Announcement

 

30 September 2019

 

ASX: OEX

AIM: OEX

 

Amendment to Series B Loan Funding Agreement

 

Oilex Ltd (the Company) is pleased to advise that it has entered into an amendment agreement to vary the terms of its loan funding facility of A$250,000 (Amendment) entered into on 11 September 2018 (Series B Loan).

 

Pursuant to the Amendment, the loan repayment date has been extended from 1 October 2019 to 1 April 2020.  All other terms remain the same and are extended to 1 April 2020.  This includes the issue of new options on commensurate terms with the existing options that will expire on 1 October 2019.

 

Summary of Key Terms after the Amendment

 

Term:                                1 April 2020

Interest Rate:                    5%

Repayments                     100% payable at maturity

Options Issued:                 60,664,887 options over ordinary shares

Option Exercise Price:      A$0.004121 per option

Option Expiry Date:           On 1 April 2020

Security:                            Unsecured

Key Undertakings:             Not to dispose of assets having an aggregate value more than A$1 million

                                           Not to incur any financial indebtedness more than A$50,000

                                           Not to incur any aggregate payment or outgoing exceeding A$1 million (except for wages)

 

Customary additional provisions regarding events of default, undertakings, covenants and representations and warranties remain unchanged.

 

The options, which if exercised in their entirety, will result in a cash inflow to the Company of A$250,000.  The proceeds from the conversion of options will be applied to the outstanding Series B Loan balance, which is fully drawn down.

 

The issue of the new options is subject to shareholder approval under ASX Listing Rule 7.1 on or before 30 November 2019. Failure to secure shareholder approval will require immediate repayment of the loan principal and accrued interest.

 

Related Party Transaction

 

Republic Investment Management Pte Ltd (Republic) makes up all of the Series B Loan balance of $250,000. Republic has a shareholding in the Company of 14.74% and is therefore categorised as a Substantial Shareholder of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, the entering into the Amendment with Republic is classified as a related party transaction pursuant to the AIM Rules.

 

The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of the Amendment with Republic are fair and reasonable insofar as the Company's shareholders are concerned.

 

 For and on behalf of Oilex Ltd

 

 

 

 

 

Mark Bolton

Chief Financial Officer Company Secretary

 

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information, please contact:

 

Investor Enquiries

Oilex Ltd

Joe Salomon

Managing Director

Email: oilex@oilex.com.au

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

Broker

Colin Rowbury

Email: crowbury@novumsecurities.com

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer   

Email: oilex@strandhanson.co.uk

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Communications

Public Relations

Patrick d'Ancona/Chris McMahon

Email: patrick.dancona@vigocomms.com

chris.mcmahon@vigocomms.com

Tel:+ 44 20 7390 0230

UK

Media Enquiries (Aus)

Citadel-MAGNUS

Michael Weir

Email: mweir@citadelmagnus.com

Tel: +618 6160 4900

Australia

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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