Rex

Rex: to lift halt at 8.30am this morning. Appointed PrimePartners and UOB Kay Hian as co-placement agents with regard to its non-underwritten proposed placement of 70m new shares to institutional and accredited investors at $0.755 a piece. Of the $50.5m net proceeds raised, ~35% will be used for exploration and drilling activities in new opportunities in the Asia-Pacific region, ~33% will be used for exploration and drilling activities in new opportunities in geographical regions, including the Middle East, Norway and Western Europe, and the remainder for business expansion in the oil services sector using well stimulation technology. In conjunction, Rex will also issue 4.5m new shares to Fram Exploration ASA at $0.83 per share, in relation to the acquisition of an additional 12.2% stake in Caribbean Rex, and another 15.8m new shares to Swiss firm Ogsonic AG at $0.787 per share, as consideration for half of its 66.7% stake in a JV co to be named Rexonic AG. Rex will pay the remaining half stake with US$10m cash. Rexonic will own the world’s first environmentally-friendly, high-power ultrasound technology for commercial oil well stimulation that has shown to increase oil pdtn from 30% to 380% both onshore and offshore. The proprietary, patented technology is highly efficient in cleaning the production well bore from typical oil production inhibitors such as wax, paraffin and salt deposits, thereby significantly increasing the flow of oil into the well bore at low cost. Rexonic’s operating business models will include the servicing and licensing of the technology to oil production companies and oil service companies. Upon completion of the above exercises, Rex will have 1.095b shares out.