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World Oil Resources Ltd Completes Capital Raising


Sunday, 17 Nov 2013 05:50pm EST 

World Oil Resources Ltd announced the completion of a Rights Issue and provided notice of the Shortfall facility on August 9, 2013, with existing shareholders subscribing for $723,663.15 (120,610,525 shares) through the offer. Under the terms of the offer document, the Directors reserve the right to place any shortfall shares not taken up by the eligible shareholders at their discretion with persons interested in subscribing for shares in the Company. Applications for additional shares under the shortfall facility were applied for on 9 August 2013 amounting to $376,055.16 (62,675,860 shares) providing for a remaining shortfall facility of 206,713,619 shares to be issued no later than November 1, 2013. The Directors announced that they have completed a placement with a number of sophisticated investors, which approximates the shortfall facility which was available to the Company under the rights issue from its existing shareholders. Applications from sophisticated investors have been received for a total of 90,000,000 shares at an issue price of $0.006 (0.6 of a cent) per share raising $540,000. 

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