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World Oil Resources Ltd Announces Non-Renounceable Rights Issue

Wednesday, 3 Jul 2013 10:47pm EDT 

World Oil Resources Ltd announced a pro-rata non-renounceable rights issue (Offer) to eligible shareholders, on the basis of 1 new share for every one World Oil share held as at 7:00pm (Melbourne time) on July 15, 2013 (Record Date). Pursuant to the Offer, the Company will issue up to 390,000,004 fully paid ordinary shares in the capital of the Company (New Shares) at an issue price of 0.6 cents each, to raise approximately $2.34 million (before costs). The entitlement to subscribe for New Shares under the Offer will be non-renounceable. World Oil is making the Offer to raise funds. After payment of the costs and expenses of the Offer, the proceeds of the Rights Issue will firstly be applied to strengthen World Oil’s balance sheet and discharge current liabilities. Any remaining funds will be applied to meet World Oil’s general working capital requirements, and to enable the Company to implement and execute its business objectives, and in particular to enable the Company to focus on further assessing the viability of its projects in the USA and Brazil. 

Company Quote

18 Nov 2014