Geez, I thought they had all died.
" In the past months, Enhanced Oil & Gas Recovery (“EOR” or “the Company”
has focussed
its efforts on placing the Company on a secure basis to search for new opportunities.
To this end, the Directors announce today that the Company:
1) Has undertaken to place 160 million ordinary fully paid shares at 0.0571 cents to raise
$91,429.
The company proposes to issue the shares within its available listing rule 7.1 capacity.
The funds will be utilised for general working capital and to research opportunities that
the Company has initially investigated.
2) Has secured funds for a $300,000 Convertible Note.
The Convertible Note, which the Company will look to finalise in the next seven days,
will convert on:
a. On the Company’s compliance with the ASX Chapters 1 and 2 relisting
rules and meeting all Corporations Law requirements
b. Shareholder approval will be sought for the purposes of listing rule 7.1
The conversion price will 0.0571 cents per share (Based on a Conversion Rate of 1750
shares per $1.00 invested)
These funds are again to be raised for general working capital, research of opportunities
and then the necessary due diligence and compliance that will follow.
3) Has agreed to appoint Mr Wayne Johnson as a Director.
Mr Johnson is an experienced Corporate adviser and will bring a wealth of skills in the
areas of corporate advisory, capital raising, corporate structuring, transaction
negotiation, compliance and governance and financial management.
Further detail will be contained in the Notice of Meeting that will be forwarded within 30
days
