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clock Created with Sketch. 26/07/19
15:32
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Originally posted by Bluey66:
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Durslowe, as per the current entitlement offer that closes soon......."On behalf of the Directors, it is my pleasure to invite you to subscribe for New Shares in theCompany at an Issue Price of $0.003 per New Share under a non-renounceable pro rata offer onthe basis of one (1) New Share for every two (2) Shares that you hold on the Record Date to raiseapproximately $1,716,613.Eligible Shareholders may also apply for New Shares in excess of their Entitlement (Additional NewShares), with such oversubscriptions to be satisfied from Entitlements that were not taken up byother Shareholders under the Offer.The money raised from the Offer will be applied to deepening the existing Nuevo Malolos-1 welltargeting two oil bearing sandstones at the Malolos oil field within the Service Contract 44 inPhilippines and costs related to this Offer. The drilling, to be carried out by the Company ownedRig-2 which is located near the well site, is planned to commence soon after this capital raising isconcluded while preparations, which have already started, will continue during the Offer period."
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Apologies, my response wasn't very clear. I understand there's a capital raising, I was just making a flippant comment about which existing shareholders will be stumping up the cash.
(20min delay)