Oilex announce £7.5 million equity financing facility
Oilex has announced that it is has secured a £7.5 million, three year Equity Financing Facility (‘EFF’) with Darwin Strategic Limited. Under the terms of the facility, the Company may, at its discretion, issue placement shares to Darwin at any time over the next 36 months, up to a total aggregate value of £7.5 million. Any drawdown of the facility and resultant issue of shares is limited to the Company’s equity placing capacity under ASX Listing Rule 7.1 and 7.1A.
The EFF with Darwin brings deep institutional links to Oilex’s share register. To date, Darwin has made available in excess of £300 million to AIM listed companies.
In conjunction with the EFF, Oilex has entered into a warrant agreement with Darwin dated 5 December 2013 to subscribe for up to 3,000,000 Ordinary Shares. The warrants, which are unlisted, are exercisable at 15 cents at any time prior to the expiry of 36 months from the date of the warrant agreement.
Managing Director of Oilex, Ron Miller, said: ‘We are delighted to receive the support of Darwin Strategic. This new £7.5 million facility gives Oilex access to cost effective, efficient financing, as needed and can be used or not used entirely at Oilex’s discretion. The EFF provided by Darwin allows Oilex to focus efforts on maximising shareholder value through development drilling in our Cambay Asset and through initial exploration activity in the Canning Basin Assets, while considerably reducing future financing risk and costs’.
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