Vallianz

Vallianz: to lift halt at 8.30am. Rawabi, a leading Saudi Arabia oil and gas services company, will subscribe for redeemable convertible capital securities issued by Vallianz for a principal amount of US$35.2m. Under a separate option agreement, Vallianz will issue an aggregate 500m non-transferable share options to Swiber, which could raise gross proceeds of $27.5m, assuming all options are exercised. The options give Swiber the right to subscribe for 500m new Vallianz shares at exercise price of $0.055 each (6.8% discount to Vallianz last closing price of $0.059), over a two year period. Swiber believes this is a strategic effort to seize Vallianz’s exponential growth opportunities. All proceeds raised will be used for purposes as the directors may in their discretion deem fit, which include general working capital and capex relating to future fleet expansion.