Brief: Oilex Signed A Binding Heads Of Agreement With Doriemus PLC

Azzuro Resources

30/01/2020 01:26

Jan 30 (Reuters) - Doriemus PLC  DOR.AX :
    * SIGNED A BINDING HEADS OF AGREEMENT WITH DORIEMUS PLC
    * BINDING HEADS OF AGREEMENT WITH DORIEMUS FOR PROPOSED SALE
OF
ALL OF ITS INTERESTS IN COOPER-EROMANGA BASIN TO DORIEMUS
    * UNDER HOA DORIEMUS WILL ACQUIRE 100% OF ISSUED CAPITAL OF
COERA
LIMITED UNIT OF CO
    * DORIEMUS PROPOSES TO APPOINT OILEX'S CHAIRMAN, BRAD LINGO
AS NEW
MANAGING DIRECTOR OF DORIEMUS
    * LINGO TO STEP DOWN AS CHAIRMAN OF OILEX FOLLOWING
APPOINTMENT OF
A NEW OILEX CHAIRMAN
    * AS CONSIDERATION FOR PROPOSED TRANSACTION, DORIEMUS WILL
ISSUE
28.3 MILLION CHESS DEPOSITARY INTERESTS TO OILEX UPON COMPLETION
    * UPON COMPLETION OF PROPOSED TRANSACTION, OILEX WILL NO
LONGER
HAVE ANY OIL AND GAS ASSET INTERESTS IN AUSTRALIA
    * DORIEMUS INTENDS TO UNDERTAKE A CAPITAL RAISING AT A PRICE
EXPECTED TO BE $0.035 PER CDI TO RAISE A MINIMUM OF $3.5 MILLION

Source text for Eikon:  urn:newsml:reuters.com:*:nASX6nWtcW
Further company coverage:  DOR.AX 

 ((Reuters.Briefs@thomsonreuters.com;))