AI assistant
METGASCO LTD — Share Issue/Capital Change 2021
Jul 5, 2021
65313_rns_2021-07-05_31025996-e036-461e-9a3d-3bc9922649ff.pdf
Share Issue/Capital Change
Open in viewerOpens in your device viewer
==> picture [262 x 37] intentionally omitted <==
ASX / MEDIA RELEASE
ASX Code: MEL
6 July 2021
Entitlement Offer
• Seeking to raise approximately $4.58M through a 1 for 3 Fully Underwritten, NonRenounceable Entitlement Offer.
Metgasco Ltd (ASX:MEL) ( Metgasco or the Company ) advises that the Company will undertake a fully underwritten non-renounceable pro rata entitlement offer to Eligible Shareholders (being a shareholder registered at 7:00pm (AEST) on 9 July 2021 with a registered address in Australia or New Zealand) of Metgasco (subject to certain conditions), with an opportunity to acquire 1 New Share for every 3 Existing Shares held as at the Record Date at an offer price of $0.025 per New Share (Offer Price) raising approximately $4.58 million (excluding costs) without incurring brokerage or other costs. 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.
In addition to funding the costs of the Offer, the proceeds of the Offer will be applied to fund:
| Use of Funds | Amount |
|---|---|
| Appraisal, Well Completion, Well Testing, Geophysics and Commercialisation activitiesin relation to the Company's Cooper Basin portfolio | $2.36M |
| Pipeline and Service Infrastructure in relation to commercialisation of the Company'sCooper Basin portfolio, subject to Joint Venture FID | $0.62M |
| Pre-drill preparation, Civil works and Rig contracting at Cervantes | $0.83M |
| New business appraisal and evaluation, and for general working capital | $0.55M |
| Legal, Underwriting and Capital Raising costs of the offer (best estimate)1,2 | $0.22M |
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.
Entitlement Offer Timetable*
| 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) | Wednesday 28 July 2021 |
| Results announced | Monday 2 August 2021 |
| Allotment of New Shares andquotation of New Shares sought | Wednesday4 August 2021 |
- All dates are indicative and subject to change at the discretion of the issuer.
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
==> picture [25 x 26] intentionally omitted <==
https://www.linkedin.com/company/metgasco-ltd.
Ken Aitken
CEO +61 8 6245 0062 [email protected]