"PLACEMENT TO RAISE $6.8 MILLION…….The Placement was priced at...

"PLACEMENT TO RAISE $6.8 MILLION
…….
The Placement was priced at $0.072 per share, a 3% discount to the 30 day VWAP and was supported by new and existing Oilex shareholders and directors, closing oversubscribed in Australia."

Why not 5 days and no discount as the project has been massively derisked.

….plus Director share participation subject to shareholder approval."

Zero support from this shareholder

"Funds will be used towards development of the Cambay PSC including the drilling of the 77H well scheduled to spud between the 22 February and 9 March,"

I thought that we had already funded this operation with the last CR

"Directors' Participation in the Placing
Directors Max Cozijn, Sundeep Bhandari and Ron Miller intend to participate in the placement for an aggregate of 1,750,000 Placing Shares, subject to obtaining shareholder approval at a general meeting to be convened as soon as practicable, and any required regulatory approvals."

I wonder who will be paying for the GM - as the Directors are the beneficiaries maybe they should be asked to pay.

"Following the Placement and receipt of shareholder approval Mr Cozijn’s total holding will be 1,500,000 shares or 0.29% of issued capital, Mr Bhandari’s total holding will be 8,600,000 shares or 1.67% of issued capital and Mr Miller’s total holding will be 6,029,436 shares or 1.17% of issued capital."

In addition to other generous remunerations they want more benefits by way of more cheap shares for achievementing massive SP dilution to long term shareholders, long project delays and cost over runs with no one accepting either responsibility or accountability for the questionable management of past events.
?
Commenting on the Placement, Oilex’s Managing Director, Ron Miller, said “We are very pleased with the strong support shown for the Placement and delighted to welcome the new investors including a number of Australian based institutions."

Now that the project has been derisked the privileged few get the opporuntity to buy in at the last moment with no money needlessly tied up for years and so earn the right to get a significant discoount to the recent SP.

It is time that Austrlian shareholders had 'rights' like other overseas countries.