26th Jul 2018 13:14
LONDON (Alliance News) - Oilex Ltd said Thursday that it has secured a AUD300,000, or around GBP168,875, one-year loan from existing investors.
The unsecured loan bears interest rate of 5% per annum and is 100% payable at maturity.
As part of the loan, the oil exploration company will issue 83.3 million options to subscribers with an exercise price of AUD0.0036 per option, which, if exercised in their entirety, will result in a further cash inflow to the company of AUD300,000. Proceeds of the option exercise will be used by the company to repay the outstanding loan balance.
The loan proceeds will be applied to meet working capital requirements of the company over the short term.
London listed shares in Oilex were trading 5.5% higher at 0.17 pence each on Thursday afternoon.
Related Shares:
OEX.L