By Sheri Kasprzak
New York, March 24 - Oilex NL said it has secured a A$5 million mezzanine facility from LinQ Resource Fund.
The 12-year facility bears interest at 10% annually.
The investor also came away from the deal with options for 3.6 million shares, exercisable at A$0.50 each for four years. Oilex will issue another 1.4 million options to LinQ upon shareholder approval.
Oilex received a similar mezzanine facility, also for A$5 million, from LinQ on Feb. 21. That facility had a one-year term and bore interest at 10%.
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: | 12 years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Options: | For 3.6 million shares (with an additional 1.4 million upon shareholder approval)
|
| Option expiration: | Four years
|
| Option strike price: | A$0.50
|
| Investor: | LinQ Resource Fund
|
| Settlement date: | March 24
|
| Stock symbol: | Australia: OEX
|
| Stock price: | A$0.535 at close March 24
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
