By Sheri Kasprzak
New York, June 27 - Oilex NL has negotiated a A$20.06 million private placement of stock.
The offering includes 23.6 million shares at A$0.85 apiece to institutional investors in the United Kingdom, North America, Asia and Australia.
Hartleys Ltd. is the placement agent.
Proceeds from the sale will be used for the acquisition of an additional 15% interest in Cambay field and for the acquisition of a 40% interest in each of the Bhandut and Sabarmati fields in India from Niko Resources Ltd. The rest will be used for seismic studies, drilling and working capital.
Based in Perth, Western Australia, Oilex is an oil and natural gas exploration company.
| Issuer: | Oilex NL
|
| Issue: | Stock
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| Amount: | A$20.06 million
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| Shares: | 23.6 million
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| Price: | A$0.85
|
| Warrants: | No
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| Placement agent: | Hartleys Ltd.
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| Pricing date: | June 27
|
| Stock symbol: | Australia: OEX
|
| Stock price: | A$1.03 at close June 27
|
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