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Elk Petroleum LtdABN 38 112 566 499
11 January 2016
ASX LISTING RULE 3.10.5A AND 7.1A.4(b)
- SHARE ISSUE
Elk Petroleum Limited (ASX Code: ELK) Company hereby provides notice to the ASX for the purposes of ASX Listing Rule 3.10.5A and 7.1A.4(b) and section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) that on 11 January 2016 it issued 39,999,984 ordinary shares in the Company at an issue price of $0.063 per share to Professional and Sophisticated Investors and exempt investors.
Of these shares:
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22,278,005 were issued in accordance with ASX Listing Rule 7.1A; and
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17,721,979 were issued in accordance with ASX Listing Rule 7.1.
In relation item (i) above, the shares were issued for cash consideration, to be used for the purpose as approved by shareholders at the 2015 Annual General Meeting, being for the continued exploration and feasibility study expenditure on the Company's current assets and general working capital. Further details are contained in the ASX announcement dated 11 January 2016.
The Company states pursuant to the provisions of ASX Listing Rule 3.10.5A that:
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The placement under ASX Listing Rule 7.1A represented 9.09% of the expanded ordinary shares on issue of the Company, resulting in a dilution to the existing holders of ordinary securities by that amount. For clarity, this is the dilution factor solely on the issue of 22,278,005 shares on the pre allotment share capital (excluding the shares issued under Listing Rule 7.1A);
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The Company made the cash consideration placement to professional and sophisticated investors, with Taylor Collison acting as Lead Manager bringing new institutional and sophisticated investors onto the Elk register. Such introductions to the Elk register will assist in future fund raising activities;
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The placement was not underwritten; and
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Fees of 4.5% (excluding GST) of funds raised were paid to the lead manager and other introducing parties.
For and on behalf of the Board Mr Brad Lingo
Managing Director
For further information please contact:
Investor:
Brad Lingo
Managing Director/CEO P: +61 2 9299 9690
E: [email protected]
ABOUT ELK PETROLEUM
Media:
Rebecca Lawson
Media and Capital Partners P: +61 433 216 269
E: [email protected]
Elk Petroleum Limited (ASX: ELK) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Listed on the ASX in 2005, Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company's strategy of finding and exploiting oil field reserves.
Leveraging proven EOR technology and Company expertise and experience, Elk is currently developing the Grieve oil field in Wyoming (Elk - 35% WI) and is planning for a CO2-based EOR project at the Singleton oil field in Nebraska (Elk - 100% WI & operator).
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Elk Petroleum LtdABN 38 112 566 499
11 January 2016
SECTION 708A NOTICE - SHARE ISSUE
Elk Petroleum Limited (ASX Code: ELK) Company hereby provides notice to the ASX for the purpose of section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) that on 11 January 2016 it issued 39,999,984 ordinary shares in the Company at an issue price of $0.063 per share to Professional and Sophisticated Investors and exempt investors.
An Appendix 3B relating to the share issue is attached.
The Company states pursuant to the provisions of section 708A(5)(e) of the Corporations Act 2001 that:
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the Securities were issued without disclosure to investors under Part 6D.2 of the Corporations Act 2001;
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this notice is being given under section 708A(5)(e) of the Corporations Act 2001;
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as at the date of this notice, it has complied with the relevant provisions of Chapter 2M of the Corporations Act 2001 as they apply to the Company, and section 674 of the Corporations Act 2001; and
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as at the date of this notice, there is no information which is excluded, as that term is defined in Section 708A(7) of the Corporations Act 2001.
For and on behalf of the Board Mr Brad Lingo
Managing Director
For further information please contact:
Investor:
Brad Lingo
Managing Director/CEO P: +61 2 9299 9690
E: [email protected]
ABOUT ELK PETROLEUM
Media:
Rebecca Lawson
Media and Capital Partners P: +61 433 216 269
E: [email protected]
Elk Petroleum Limited (ASX: ELK) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Listed on the ASX in 2005, Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company's strategy of finding and exploiting oil field reserves.
Leveraging proven EOR technology and Company expertise and experience, Elk is currently developing the Grieve oil field in Wyoming (Elk - 35% WI) and is planning for a CO2-based EOR project at the Singleton oil field in Nebraska (Elk - 100% WI & operator).
Appendix 3B
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
New issue announcement, application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13
Name of entity
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ELK PETROLEUM LIMITED
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We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
1
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+Class of +securities issued or to be issued
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1. ORDINARY SHARES (ELK)
|
|
2
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Number of +securities issued or to be issued (if known) or maximum number which may be issued
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1. 39,999,984 ORDINARY SHARES (ELK)
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|
3
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Principal terms of the +securities
(e.g. if options, exercise price and expiry date; if partly paid
+securities, the amount
outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
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1. ORDINARY SHARES (ELK)
|
+ See chapter 19 for defined terms.
04/03/2013 Appendix 3B Page 1