Onyx Spot Oil Regulatory News (OIL)

5 Nov 2008 11:01



THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

5th of November 2008

Oilexco Inc (the "Company")

Block Listing

Application will be made to the UK Listing Authority (the "UKLA") and the London Stock Exchange for the block listing and admission to trading (the "Listing") of an additional 6,378,717 common shares of no par value in the Company (each a "Common Share") issuable from time to time in accordance with the terms and conditions of the Company's stock option plan dated 11 July 2007 (the "Stock Option Plan").

As at 5th of November 2008, the Company had an issued share capital of 223,832,827 Common Shares, none of which are held in treasury.

Stock Option Plan

Of the total number of Common Shares subject to the Listing, 20,615,000 are now issuable pursuant to the Stock Option Plan. For the purpose of this part of the Listing, the Company is relying on the exemption provided under section 1.2.3(6) of the UKLA Prospectus Rules.

Options to purchase Common Shares may be granted under the Stock Option Plan to directors, officers, employees and consultants of the Company. Options expire no later than the fifth anniversary of their date of grant (unless determined otherwise by the board of directors) and vest according to the determination made by the board of directors of the Company on the date of grant. The exercise price of options is also determined by the board of directors, but may not be less than the closing market price for the Common Shares on the Toronto Stock Exchange on the trading day immediately prior to the date of grant of the relevant option. Also, the Stock Option Plan contains certain restrictions on the number of options which may be granted to any one option holder, to insiders (individually and as a group) and to employees conducting investor relations.

The Common Shares issued upon the exercise of options entitle their holders to notice of, and to vote at, all meetings of shareholders of the Company. Subject to the preferences accorded to holders of senior-ranking shares (none of which are currently issued and outstanding), holders of Common Shares are also entitled to receive such dividends as may be declared by the board of directors of the Company from time to time. Finally, in the event of any distribution of assets of the Company among its shareholders, holders of Common Shares (subject to the preferences accorded to holders of senior-ranking shares) are entitled to share equally, share for share, in such distribution.

More detailed information about the Stock Option Plan and the Common Shares is provided in the prospectus of the Company dated 25 June 2007 available for viewing on the website mentioned below.

More information about the Company is available on the Company's website at www.oilexco.com.

For further information please contact: 

Edward Dawson

Oilexco IncFourth Floor 70 Jermyn Street London SW1Y 6NY United Kingdom Dir: +44 (207) 747 1504 Tel: +44 (207) 747 1500 Mob: +44 (7980) 816750 Fax: +44 (207) 747 1501 Web: www.oilexco.com Email: edawson@oilexco.com