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World Oil Resources Ltd | ABN 41 000 752 849
Level 1, 34 - 36 Punt Road, WINDSOR, Victoria, 3181 Australia
T 03 8306 9930 | F 03 9827 3517 | www.worldoil.com.au
WORLD OIL RESOURCES LTD
(ASX: WLR)
14 June 2013
Important Update to Shareholders
 WLR secures funding
 Appointment of new directors
 Cancellation of Rights Issue and Rights Issue EGM
As previously advised to shareholders, the Directors of World Oil Resources Ltd (World Oil, WLR or the Company) have been exploring recapitalisation alternatives for World Oil, whether in addition to or as substitutes for its rights issue offer which opened on 4 June 2013.
The Directors are pleased to advise that World Oil has now secured funding of $260,000, through entry into loan agreements with each of Strategic Funding Management Pty Ltd ABN 18 143 485 250 (SFM) and Mr Mathew Donald Walker (Walker). The key terms of the loan facilities provided by SFM and Walker are as follows:
SFM Walker Loan amount
$60,000
SFM has additionally procured corporate advisory Alto Capital to provide a proposal to WLR. Under the proposal WLR has access to Alto Capital’s corporate advisory services should it wish to raise further capital.
$200,000 Interest
NIL
NIL Security
Unsecured
Unsecured Repayment date
Within 90 days
Upon completion of a capital raising by the WLR of no less than $500,000 Repayment of loan
In cash, or alternatively at the sole discretion of WLR, the loan monies may be converted to shares at any time prior to the repayment date at 80% of the 5 day VWAP prior to the conversion date (Conversion Terms)
In cash by the repayment date Conditions precedent
1. Cancellation of Rights Issue
2. Appointment of Mathew Walker, Timothy Johnston and Mordechai Benedikt to the board of WLR
Appointment of Mathew Walker, Timothy Johnston and Mordechai Benedikt to the board of WLR Conditions subsequent
If the loan is converted, the existing interim loan of $100,000 (announced by WLR on 8 May) must convert on the Conversion Terms and at the same time.
None
2 | P a g e
Appointment of Directors
In satisfaction of the conditions of the loan agreements, Messrs Mathew Walker, Timothy Allen Johnston and Mordechai Benedikt have been appointed to the Board of World Oil, effective 13 June 2013. The Board considers that the new directors, who are experienced in public company management and who collectively possess a blend of technical and financial and corporate expertise, will be central to the implementation of World Oil’s forward strategies under the leadership of Mathew Walker, Chairman. The Directors take this opportunity to welcome Messrs Walker, Johnston and Benedikt on board.
Appendices 3X in relation to each new director will follow. A brief biography of each new director is provided below.
1. Mathew Walker
Mr Walker has extensive experience in public company management and in the provision of corporate advice. Specialising in the natural resources sector, Mr Walker has served as executive Chairman or Managing Director for public companies with mineral interests in North America, South America, Africa, Eastern Europe, Australia and Asia, inclusive of ASX listed entities with oil and gas interests in southern USA focused on the optimisation of recoveries from historically mature oilfields. Currently he serves as a Director of West Peak Iron Limited (ASX: WPI) and Chairman of Jernigan Commodities Limited and Blue River Mining Limited. He is also Chairman of corporate advisory firm Cicero Corporate Services. Mr Walker is a member of the Australian Institute of Company Directors and holds a Bachelor of Business from the University of Technology, Sydney.
2. Timothy Johnston
Mr Johnston has extensive experience in financial administration and has worked in various capacities for both public and private companies in the resources industry for over 35 years. Mr Johnston is currently President of Energy Financial Management Inc., which provides resources entities with their accounting, administration and taxation requirements. Mr Johnston is also President of Oklahoma Energy Consultants Inc., which advises international clients on the acquisition and administration of oil and gas properties in North America. Mr Johnston holds a Bachelor of Science in Business Administration (Accountancy) from Oklahoma State University.
3. Mordechai Benedikt
Mordechai Benedikt is an experienced businessman who has an extensive background in food imports. In addition, he is active in export trade to Asia. More recently, Mr Benedikt has been involved in the Melbourne commercial property market and public sector.
Rights Issue and Rights Issue EGM
Since WLR’s rights issue opened on 4 June 2013, the Company has only received subscriptions from shareholders of 265,176 entitlement shares (equivalent to application monies of $3,447.25). Given the low subscription level under the rights issue; the alternative funding now secured by WLR; and the condition of such funding that the rights issue be cancelled, the Board has resolved to cancel its rights issue currently on foot. Shareholders will receive full refunds of their application monies.
Under these circumstances, the Board has determined to cancel the Rights Issue EGM scheduled for 17 June 2013, given that shareholder approval for the rights issue will no longer be required.
-End
For further information, please contact: Christopher Manie
Non-Executive Director
T. 03 8306 9930
F. 03 9939 3684
E. [email protected]