Issue of Securities

ASX - RNS Announcement

24 June 2021

ASX: OEX

AIM: OEX

Re: Issue of Securities

Further to Oilex Ltd's (Oilex or the Company) initial announcement on 21 April 2021, and subsequent announcements, in respect of the equity capital raising of £2.4 million (A$4.3 million), the Company is pleased to announce it has issued:

-       226,276,261 new ordinary shares which completes the issue of all of the 603,403,361 Tranche 2 ordinary shares;       and

-       477,694,327 unlisted options exercisable at GBP0.476 pence per share on or before 30 June 2022.   There are no     remaining Tranche 2 options to be issued.

Background

In regard to the equity capital raising announced on 21 April 2021, 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 to be completed in two tranches:

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 (already completed).

Tranche 2:      603,403,361 ordinary shares issued at GBP 0.238 pence for £1.436 million subject to shareholder approval       being obtained.  Such approval was obtained from the shareholders at the General Meeting held on 8 June  2021 (now fully completed following the above-mentioned issue of shares).

Each ordinary share issued as part of Tranche 2 will also be issued with one share option, resulting in the issue of an aggregate 603,403,361 unlisted options.  The options are exercisable at GBP0.476 pence per share on or before 30 June 2022.  Approval for the issue of these options was obtained from the shareholders at the General Meeting held on 8 June 2021 (now fully completed following the above-mentioned issue of options).

AIM Admission and Total Voting Rights 

Application has been made to the London Stock Exchange plc for the admission of 226,276,261 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 30 June 2021.  Following Admission, the Company will have 5,685,971,571 shares in issue. The Company does not currently hold any shares in treasury.  Accordingly, the total number of voting rights will be 5,685,971,571.

http://www.rns-pdf.londonstockexchange.com/rns/9685C_1-2021-6-24.pdf

Section 708A(5)(e) Statement

Pursuant to the issue of the 125,709,034 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: