Oilex Ltd Exercise of Options and Underwriting (3777Y)
December 31 2019 - 3:31AM
UK Regulatory
TIDMOEX
RNS Number : 3777Y
Oilex Ltd
31 December 2019
ASX-RNS Announcement
31 December 2019
ASX: OEX
AIM: OEX
Exercise of Options and Underwriting
The Board of Oilex Limited (the Company) is pleased to announce
that it has received option conversion notices for 60,150,375
options convertible at $0.00266 each (A$160,000) on or before 31
December 2019.
The Company has 124,060,150 unlisted options on issue
convertible at $0.00266 each (A$330,000) on or before 31 December
2019. The Company does not anticipate receiving any further notices
for the conversion of the remaining 63,909,775 options by
optionholders.
Furthermore, the Company advises that it has entered into
underwriting agreements with Novum Securities Limited and B.D.
Limited of Malta (the Underwriters) for the conversion of up to
63,909,775 unlisted options convertible at $0.00266 each
(A$170,000) on or before 31 December 2019. Any shortfall shares to
be issued to the Underwriters are expected to be issued in
accordance with ASX Listing Rule 7.2 (Exception 10) and accordingly
shareholder approval will not be sought.
In accordance with ASX Listing Rule 3.11.3, the Company advises
that the Underwriters are not a related party of the Company and
will be paid a fee of 6% of the underwritten amount. The
underwriting agreements contain indemnification and termination
provisions and other terms normally found in an agreement of this
nature. A summary of the termination provisions is annexed
below.
The proceeds from the conversion of the options are to be
applied to acquisitions and working capital.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer
For further information, please contact:
Investor AIM Broker AIM Nominated Media Enquires Media Enquiries
Enquires Novum Securities Adviser (UK) (Aus)
Oilex Ltd Broker Strand Hanson Vigo Communications Citadel-MAGNUS
Joe Salomon Colin Rowbury Limited Public Relations Michael Weir
Managing Email: Nominated Adviser Patrick Email:
Director crowbury@novumsecurities. Rory Murphy/Ritchie d'Ancona/Chris mweir@citadelmagnus.
Email: com Balmer McMahon com
oilex@oilex.com.au Tel: +44 20 Email: Email: Tel: +618
Tel: +61 7399 9427 oilex@strandhanson.c patrick.dancona@vigo 6160 4900
8 9485 3200 UK o.uk comms.com Australia
Australia Tel: +44 20 chris.mcmahon@vigoco
7409 3494 mms.com
UK Tel:+ 44 20 7390
0230 UK
Underwriter Events of Termination
Prior to the date of issue of the Shortfall Shares, estimated to
be in early January 2019, the Underwriters may terminate the
underwriting where:
a) the ASX does not give approval for the shortfall shares to be
listed for official quotation;
b) a director of the Company is charged with an indictable offence;
c) the Company's lenders terminate or issuing any demand or
penalty notice or amend the terms of any existing facility or
claiming repayment or accelerated repayment of any facility or
requiring additional security for any existing facilities;
d) the Company fails to comply with any of the following:
-- a provision of its constitution;
-- any statute;
-- a requirement, order or request, made by or on behalf of the
ASIC or any governmental agency; or
-- any material agreement entered into by it;
-- the Company alters its capital structure or its constitution;
e) there is an outbreak of hostilities or a material escalation
of hostilities after the date of this agreement involving one or
more of Australia, Indonesia, Japan, Russia, the United Kingdom,
the United States of America, or the Peoples Republic of China,
other than hostilities involving Afghanistan;
f) a force majeure which prevents or delays an obligation under
this agreement lasting in excess of 2 weeks occurs;
g) the Company is in default of any of the terms and conditions
or breaches any warranty or covenant in the underwriting
agreement;
h) any person is appointed under any legislation in respect of
companies to investigate the affairs of the Company;
i) the Company suspends payment of its debts generally;
j) litigation, arbitration, administrative or industrial
proceedings are after the date of this Agreement commenced against
the Company;
k) there is a change in the composition of the Board or a change
in the senior management of the Company before the date of issue of
the Shortfall Shares without the prior written consent of the
underwriters;
l) any material contract to which the Company is a party is
terminated or substantially modified;
m) an event of insolvency occurs in respect of the Company; or
n) a judgment in an amount exceeding $250,000 is obtained
against the Company and is not set aside or satisfied within 7
days.
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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