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METGASCO LTD — Capital/Financing Update 2021
Jul 21, 2021
65313_rns_2021-07-21_b3020408-027b-44e9-af34-39ea3193eb9b.pdf
Capital/Financing Update
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ASX / MEDIA RELEASE
ASX Code: MEL
22 July 2021
EXTENSION OF ENTITLEMENT OFFER CLOSING DATE
Metgasco Ltd (ASX:MEL) (Metgasco or the Company) is currently offering shareholders the opportunity to participate in a fully underwritten non-renounceable pro rata Entitlement Offer (“Offer”). The Offer allows eligible shareholders the opportunity to acquire 1 New Share for every 3 Existing Shares in the Company at an offer price of $0.025 per New Share. Each new share issued under the Entitlement Offer with also receive an attaching option on a 1 for 3 basis with a strike price of $0.031, expiring 31 December 2022.
The Board has decided to extend the Closing Date for the Offer from 28 July 2021 to 6 August 2021, to allow eligible shareholders more time to consider accepting the offer.
In approving this extension, the Board was mindful of delays and business disruptions caused by recent Covid-19 lockdown restrictions applied within New South Wales, Victoria and South Australia. All other terms and conditions of the offer remain the same.
In addition to funding the costs of the Offer, the proceeds of the Offer will be applied to fund:
| Use of Funds | Use of Funds | Use of Funds | Amount | Amount |
|---|---|---|---|---|
| Appraisal, Well Completion, Well Testing, Geophysics and Commercialisation activities in relation to the Company's Cooper Basin portfolio |
$2.36M | |||
| Pipeline and Service Infrastructure in relation to commercialisation of the Company's Cooper Basin portfolio, subject to Joint Venture FID |
$0.62M | |||
er Basin portfolio, subject to Joint Venture FI |
D |
. | ||
| Pre-d | rill preparation, Civil works and Rig contracti | ng at Cervantes | $0.83 | M |
| New | business appraisal and evaluation, and for ge | neral working capital | $0.55 | M |
| Lega | l, Underwriting and Capital Raising costs of th | e offer (best estimate)1,2 | $0.22 | M |
| d Manager Underwriting fees pursuant to the offer ar ement and Lead Manager Mandate a further three (3) |
e three (3) percent ($137,412). Pursuant to the Unde ercent fee will be paid to the Lead Manager (up to a m |
1 Lead Manager Underwriting fees pursuant to the offer are three (3) percent ($137,412). Pursuant to the Underwriting Agreement and Lead Manager Mandate, a further three (3) percent fee will be paid to the Lead Manager (up to a maximum of $137,412, assuming 100% shortfall) on shortfall shares placed in relation to any shortfall under the Entitlement offer. Legal fees of $15,000 have been estimated in relation to the Entitlement offer and related Underwriting documentation.
2 Application of funds raised pursuant to the Entitlement offer are best estimates only and may necessarily vary subject to operation developments.
The new Offer timetable is as follows:
| Event | Date |
|---|---|
| Announcement of Offer | Tuesday 6 July 2021 |
| Record Date for Offer | Friday 9 July 2021 |
| Offer opens | Wednesday 14 July 2021 |
| Offer closes at 5pm (AEST) | Friday 6 August 2021 |
| Results announced | Wednesday 11 August 2021 |
| Allotment of New Shares andquotation of New Shares sought | Friday13 August 2021 |
This ASX announcement was approved and authorised for release by the Board.
Contact and further information:
Metgasco welcomes shareholder communication and invites all interested shareholders to make contact at any time.
ENDS
For further information contact:
Philip Amery
Chair + 61 402 091 180 [email protected]
Metgasco Ltd ACN 088 196 383
Level 2, 30 Richardson Street, West Perth, WA 6005 Tel:+61 8 6245 0060 [email protected] www.metgasco.com.au
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https://www.linkedin.com/company/metgasco-ltd.
Ken Aitken
CEO +61 8 6245 0062 [email protected]