AJ Lucas to undertake $40 million capital raising

The equity raising will be achieved by making $30 million of placements at $1.35 per share, and through the exercise of options to raise a minimum of $A10 million.

Kerogen Investments, the company’s largest shareholder, has agreed to subscribe the $30 million placement subject to shareholder approval and other conditions being satisfied.

Oilex has a fully underwritten renounceable entitlement offer to raise approximately $7.09 million before expenses.

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