Trojan Equity Ltd Announces Entry Into US Oil And Gas Sector Through Proposed Acquisition Of Byron Energy Pty Ltd ; Announces $12.4 Million Capital Raising And Change Of Name To Byron Energy Limited

Trojan Equity Ltd announced that its intention to enter into the oil and gas sector in the USA through the proposed acquisition (Acquisition) of Byron Energy Pty Ltd (Byron) and a $12.4 million capital raising (Capital Raising) (collectively Transaction). To implement this initiative, Trojan proposes to enter into a conditional agreement to acquire all the issued capital of Byron from its founders and other investors. On completion of the Transaction, Trojan will change its name to Byron Energy Limited. Byron has working interests in 16 oil and gas leases in the Outer Continental Shelf of the Gulf of Mexico, in shallow waters off the shore of Louisiana, USA. It is intended that the consideration for the Acquisition will be satisfied by the issue of Trojan Shares and Trojan Options. Each Byron shareholder will receive 2.5 Trojan Shares and 0.4 Trojan Options (unlisted and exercisable at $0.50 before December 31, 2016) for each Byron share held. For each Byron option held, each Byron option holder will receive 2.5 Trojan Options. Based on the current issued capital of Byron, it is anticipated that the total consideration will be the issue of 84,026,405 Trojan Shares and 25,256,725 Trojan Options to Byron security holders. In addition 2,600,000 Options will be issued to specified Byron personnel.