30 Apr 2018 10:11
ASX Announcement
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30 April 2018
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ASX: OEX
AIM: OEX
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Capital Raising and T2 Variation
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Oilex Ltd (the Company) is pleased to advise that it has entered into placement agreements to issue 125,000,000 new ordinary shares at an issue price of $0.004, raising $500,000 (Placement).
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The Placement, which is under LR7.1, is anticipated to be completed by mid-May 2018. Funds raised from the placement are intended to be applied towards the working capital requirements of the Company.
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Variation to Tranche 2 Capital Raising Conditions
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Further to the announcement of 29 March 2018, the Company advises that it has been in negotiations with subscribers to amend the Tranche 2 conditions pursuant to the subscription agreements for the capital raising announced on 17 December 2017.Â
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The completion of Tranche 2 of the capital raising is subject to the successful extension of the Cambay PSC by the Government of India for a further ten years on or before 31 March 2018. Tranche 2 is also subject to shareholder approvals, if required.
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As at 30 April 2018, the substantial majority of subscribers have agreed to extend the date for extension of the Tranche 2 conditions precedent to 31 July 2018. The Company anticipates that the remaining subscribers will consent to the extension shortly.
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On 4 April 2018, the Company announced that it had received notice that the Ministry of Petroleum and Natural Gas (MoPNG) had approved the proposal for the grant of ten-year extension to the Cambay Production Sharing Contract (PSC) and is proceeding to complete the necessary documentation to amend the contract.
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For and on behalf of Oilex Ltd
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Mark Bolton
Chief Financial Officer Company Secretary
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For further information, please contact:
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Investor Enquiries Oilex Ltd Joe Salomon Managing Director Email: oilex@oilex.com.au Tel: +61 8 9485 3200 Australia | Nominated Adviser Strand Hanson Limited Nominated Adviser Rory Murphy/Ritchie Balmer Email: oilex@strandhanson.co.uk Tel: +44 20 7409 3494 UK Â | Media Enquires (UK) Vigo Communications Public Relations Patrick d'Ancona/Chris McMahon Email: patrick.dancona@vigocomms.com chris.mcmahon@vigocomms.com Tel: +44 20 7830 9700 UK | Media Enquiries (Aus) Citadel-MAGNUS Public Relations Michael Weir Email: mweir@citadelmagnus.com Tel: +618 6160 4900 Australia |
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