- Oilex has entered into subscription agreements for a conditional capital raising of up to A$2.35m (£1.33m).

The funding would help fast track commencement of the 2018 work programme at the Cambay project upon the renewal of its licence, the company said.

The company will issue 157,894,736 shares at an average issue price of A$0.0038 to raise up to A$0.6m

In a second tranche, it will issue approximately 349,240,000 shares at a price of A$0.005 to raise a further A$1.75m.

The placees include new institutional investor, Republic Investment Management, which hold about 19.9% of Oilex following the placement.

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