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World Oil Resources Ltd Announces Proposed Capital Raising


Wednesday, 26 Jun 2013 07:27pm EDT 

World Oil Resources Ltd announced that it is presently advancing arrangements to undertake a pro-rata non-renounceable rights issue of ordinary shares. Whilst these arrangements are presently at a preliminary stage, it is expected that the proposed rights issue will be on a 1 for 1 basis, at an issue price of $0.006, to raise up to $2.34 million. The Directors presently expect that the proposed rights issue will not be underwritten, and intend to offer a shortfall facility to enable eligible shareholders to subscribe for shares in addition to their entitlement. After payment of the costs and expenses of the proposed rights issue, it is intended that the proceeds of the offer will be applied to strengthen WLR’s balance sheet and to meet WLR’s working capital requirements. 

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