By Sheri Kasprzak
New York, Feb. 21 - Oilex NL said it has received a A$5 million mezzanine facility with options.
LinQ Resources Fund, a fund managed by LinQ Capital Ltd., will finance the facility.
The facility has a one-year term and bears interest at 10% annually.
The investor will receive options for 5 million shares, exercisable through February 2010 at A$0.50 each.
Oilex intends to use the proceeds to advance its Indian petroleum assets, including drilling at the Cambay Field.
Oilex, based in West Perth, Western Australia, is an oil exploration and development company.
| Issuer: | Oilex NL
|
| Issue: | Mezzanine facility
|
| Amount: | A$5 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Options: | For 5 million shares
|
| Option expiration: | February 2010
|
| Option price: | A$0.50
|
| Investor: | LinQ Resources Fund
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Australia: OEX
|
| Stock price: | A$0.44 at close Feb. 20
|
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