The terms of the offering provide for an option (the 'Over-Allotment Option') pursuant to which Canaccord may purchase the lesser of: (i) the 'over-allocation position' determined as at the Closing Date; and (ii) that number of Common Shares which represents 15% of the Common Shares sold pursuant to the Offering at the Issue Price. The Underwriter's Option will be exercisable by Underwriters, in whole or in part, at any time for 30 days following the closing. If the Over-Allotment Option is exercised in full, the gross proceeds of the Offering will be approximately US$115.8 million ((pnds stlg)59.34 million) in aggregate.
The transaction is subject to certain conditions including normal regulatory approvals. The Offered Shares will be offered in the provinces of Alberta, British Columbia and Ontario by way of a short form prospectus and on a private placement basis elsewhere, including in the United Kingdom. Closing is anticipated to occur on or about March 13, 2007.
Oilexco intends to use the proceeds of the offering for its exploration program in the North Sea and for working capital.
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