Onyx Spot Oil Regulatory News (OIL)

13 Jul 2007 10:49

Oilexco Incorporated13 July 2007 13 July 2007 Block Listing Oilexco Incorporated ('Oilexco' or the 'Company') Application will be made to the UK Listing Authority (the 'UKLA') and the LondonStock Exchange for the block listing (the 'Listing') of 22,121,283 common sharesof no par value in the Company ('Common Shares'). These shares will be issuedfrom time to time in accordance with the terms and conditions of the Company'sstock option plan (the 'Stock Option Plan') and of the warrants described below.As at 11 July 2007, the Company had an issued share capital of 216,497,827common shares of no par value, none of which are held in treasury. Stock Option Plan Of the total number of Common Shares subject to the Listing 21,621,283 areissuable pursuant to the Stock Option Plan. For the purpose of this part of theListing, 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 todirectors, officers, employees and consultants of the Company. Options expireno later than the fifth anniversary of their date of grant (unless determinedotherwise by the board of directors) and vest according to the determinationmade by the board of directors of the Company on the date of grant. Theexercise price of options is also determined by the board of directors, but maynot be less than the closing market price for the Common Shares on the TorontoStock Exchange on the trading day immediately prior to the date of grant of therelevant option. Also, the Stock Option Plan contains certain restrictions onthe number of options which may be granted to any one optionholder, to insiders(individually and as a group) and to employees conducting investor relations. More detailed information about the Stock Option Plan is provided in theprospectus of the Company dated 25 June 2007, available for viewing on thewebsites mentioned below. The Common Shares issued upon the exercise of options entitle their holders tonotice of, and to vote at, all meetings of shareholders of the Company. Subject to the preferences accorded to holders of senior-ranking shares (none ofwhich are currently issued and outstanding), holders of Common Shares are alsoentitled to receive such dividends as may be declared by the board of directorsof 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 (subjectto the preferences accorded to holders of senior-ranking shares) are entitledto share equally, share for share, in such distribution. Warrants The Company has 500,000 non-transferable warrants to purchase Common Shares. The terms of the warrants entitle the holder to acquire up to 500,000 CommonShares at a strike price of £3.75 per share. The warrants expire on 25 February2009. The Company is not relying on any exemption for the 500,000 Common Sharessubject to the Listing and issuable pursuant to the exercise of the warrants. More information about the Company is available on the Company's website atwww.oilexco.com and on the Canadian system for electronic document analysis andretrieval at www.sedar.com. FOR FURTHER INFORMATION PLEASE CONTACT: Oilexco Incorporated Arthur S. Millholland President (403) 262-5441 OR Oilexco Incorporated Brian L. Ward Chief Financial Officer (403) 262-5441 This information is provided by RNS The company news service from the London Stock Exchange