Any comments from the resident downrampers?
Fremont Petroleum Corporation Ltd (ASX: FPL) (‘Fremont’ ‘the Company’ is pleased to announce that it
has secured AU$3m of funding commitments from three respected Australian family offices through a direct
placement (“the Placement” of new shares at $0.003 per share with a one-for-one attaching option
exercisable at $0.003 expiring 12 months from the date of issue.
As well, agreement has been reached with the existing convertible note holders to convert their total debt
into equity at $0.003 per share. As announced on 2 October 2019, the Company entered into a $6m financing
facility, in the form of a convertible loan with $3.025m of the total $6m facility drawn. The undrawn portion
of the facility will be cancelled.
Funds are being raised for working capital purposes and to give the company the financial flexibility to
potentially pursue opportunistic conventional oil & gas acquisitions focused on onshore USA. Fremont’s
Board believes now is the right time in the cycle to be assessing such opportunities. The new investors
support this thesis.
The placement, issue of options and debt conversion are all subject to shareholder approval with a Notice of
Meeting (NoM) to be sent to shareholders shortly. The placement is being undertaken in two tranches due
to current restrictions on the company’s placement capacity.
Placement details
The issue of shares under the Placement will occur under two tranches as follows:
(a) 417,083,853 Shares (Tranche 1), will be issued out of the Company's placement capacities pursuant
to ASX Listing Rule 7.1 (250,250,312 shares) and Listing Rule 7.1A (166,833,541 shares); and
(b) 582,916,147 Shares (Tranche 2), will be issued by the Company once the Company receives
shareholder approval at a general meeting (to be held as soon as possible) (General Meeting).
New shares to be issued under the Placement will rank equally with existing Company shares in all respects.
No brokerage or advisory fees were incurred. It is the Company’s intention to hold the Extraordinary General
Meeting on 24 June 2020, and this will be confirmed by market announcement as soon as possible.
– ENDS –
- Forums
- ASX - By Stock
- AXP
- Ann: Successful placement and debt conversion
Ann: Successful placement and debt conversion, page-2
-
- There are more pages in this discussion • 327 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
RNU
Renascor wins a funding boost given it wants to produce a critical mineral – but $5M award pales in comparison to some
SKS
SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne
Add AXP (ASX) to my watchlist
(20min delay)
|
|||||
Last
0.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $5.824M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
18 | 35356618 | 0.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.2¢ | 148264566 | 73 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
18 | 35356618 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.002 | 148264566 | 73 |
0.003 | 14142568 | 16 |
0.004 | 14620913 | 12 |
0.005 | 3401679 | 15 |
0.006 | 4876430 | 7 |
Last trade - 16.12pm 12/07/2024 (20 minute delay) ? |
Featured News
AXP (ASX) Chart |
Day chart unavailable