Issue of Securities

ASX - RNS Announcement

23 April 2021

ASX: OEX

AIM: OEX

Re: Issue of Securities

Further to Oilex Ltd's (Oilex or the Company) announcement on 21 April 2021 in respect of its arranged equity capital raising of £2.4 million (A$4.3 million), the Company is pleased to announce it has issued 84,375,000 new ordinary shares comprising a partial completion of the 405,000,000 Tranche 1 ordinary shares.  The remaining balance of 320,625,000 Tranche 1 ordinary shares is anticipated to be issued in early May 2021.

Background

In regard to the equity capital raising, the Company will issue an aggregate of 1,008,403,361 new ordinary shares at GBP 0.238 pence (0.425 AUD cents) per share (Subscription), with the Subscription is to be completed in two tranches with each subscriber participating in Tranche 1 and 2 on a pro-rata basis:

Tranche 1:      405,000,000 ordinary shares issued at GBP 0.238 pence for £0.964 million under the Company's existing ASX   LR7.1 capacity.

Tranche 2:      603,403,361 ordinary shares issued at GBP 0.238 pence for £1.436 million subject to shareholder approval       being obtained.

AIM Admission and Total Voting Rights 

Application has been made to the London Stock Exchange plc for the admission of 84,375,000 new ordinary shares (Shares) to trading on AIM (Admission). Admission of the Shares is expected to become effective and dealings to commence at 8.00 a.m. on 29 April 2021.  Following Admission, the Company will have 4,740,141,968 shares in issue. The Company does not currently hold any shares in treasury.  Accordingly, the total number of voting rights will be 4,740,141,968.

An Appendix 2A pursuant to the issue of the 84,375,000 ordinary shares is attached to this announcement.

http://www.rns-pdf.londonstockexchange.com/rns/4406W_1-2021-4-23.pdf

An Appendix 3B for the proposed issue of the 1,008,403,361 ordinary shares pursuant to the Subscription has been previously announced.

Section 708A(5)(e) Statement

Pursuant to the issue of the 84,375,000 ordinary shares, Oilex gives notice under section 708A(5)(e) of the Corporations Act (Cth) (Act) that:

1)         Oilex issued the Shares without disclosure to investors under Part 6D.2 of the Act;

2)         As at the date of this notice, Oilex has complied with:

 a)         the provisions of Chapter 2M of the Act as they apply to Oilex; and

 b)         section 674 of the Act; and

3)         As at the date of this notice, there is no information that is 'excluded information' within the meaning of sections             708A(7) and 708(8) of the Act.

For and on behalf of Oilex Ltd

Mark Bolton

Executive Director and Company Secretary

For further information, please contact: