Oilex Ltd New Series C Loan Facility (7902B)
03 Febbraio 2020 - 3:23PM
UK Regulatory
TIDMOEX
RNS Number : 7902B
Oilex Ltd
03 February 2020
ASX-RNS Announcement
3 February 2020
ASX: OEX
AIM: OEX
New Series C Loan Facility
Oilex Ltd (the Company) is pleased to advise that it has entered
into an agreement, with existing shareholders who are exempt
professional investors to secure a new loan funding facility of
GBP350,000 (Series C Loan).
Summary of Key Terms
Loan Term: 1 August 2020
Interest Rate: 5%
Repayments 100% payable at maturity
Options Issued: 166,666,667 options over ordinary shares (Options)
Option Exercise Price: GBP0.0021 per option
Option Expiry Date: On 1 August 2020
Security: Unsecured
Key Undertakings: Not to dispose of assets having an aggregate
value more than A$1 million
Not to incur any financial indebtedness more than A$50,000
Not to incur any aggregate payment or outgoing exceeding A$1
million (except for wages)
Customary additional provisions regarding events of default,
undertakings, covenants and representations and warranties remain
unchanged.
The options, which if exercised in their entirety, will result
in a cash inflow to the Company of GBP350,000. The proceeds from
the conversion of options will be applied to the outstanding Series
C Loan balance.
The Series C Loan proceeds will be applied to general working
capital. The issue of the new options is under ASX Listing Rule
7.1. with the applicable Appendix 3B to follow shortly.
Related Party Transaction
Republic Investment Management Pte Ltd (Republic) participated
in GBP125,000 of the Series C Loan amount (Loan Funding) and will
be issued 59,523,810 of the loan Options. Republic has a
shareholding in the Company of 12.7% and is therefore categorised
as a Substantial Shareholder of the Company pursuant to the AIM
Rules for Companies (AIM Rules). Accordingly, the entering into the
Loan Funding with Republic is classified as a related party
transaction pursuant to the AIM Rules.
The Directors of the Company, having consulted with Strand
Hanson Limited, the Company's Nominated Adviser, consider that the
terms of the Loan Funding with Republic are fair and reasonable
insofar as the Company's shareholders are concerned.
For and on behalf of Oilex Ltd
Mark Bolton
Chief Financial Officer Company Secretary
For further information, please contact:
Investor AIM Broker AIM Nominated Media Enquires Media Enquiries
Enquiries 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
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END
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February 03, 2020 09:23 ET (14:23 GMT)
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