Doriemus announced on 21 February 2020 that it had completed a $4.5m bookbuild from various professional and sophisticated investors (“Bookbuild”) in connection with the Company’s proposed acquisition of 100% of the issued share capital of Coera Limited from Oilex Limited. The Company further advises that certain investors have failed to settle their committed funds by the specified date of 20 March 2020.

As at the date of this announcement, the raising of a minimum of $3.5m million in funds that was required to satisfy the capital raising condition precedent for the Proposed Acquisition has not been achieved.

In light of the above, and in these unprecedented times of market and global uncertainty, the Board has taken the view that it is in the best interests of the Company, its shareholders and other stakeholders to not proceed with the capital raising element of the Proposed Acquisition (which included the Bookbuild) at this time.

In addition to withdrawing the Bookbuild, the Company will also be withdrawing the priority and shortfall offer, as well as the bonus option issue, both of which were announced on 5 March 2020. The Company notes that there was only a small uptake in the priority and shortfall offer and all applications monies will be refunded to such
subscribers in full.

Accordingly, no securities will be issued by Doriemus at this time in connection with the Proposed Acquisition (including as consideration to Oilex Limited or under the Bookbuild, or the priority and shortfall offer, or the bonus option issue announced, or the director options, or any securities to Hartleys Limited or the performance rights).

Doriemus will continue to work with Oilex Limited in respect of extending the timetable for completion of the Proposed Acquisition, potentially with a revised structure and varied commercial terms.

Doriemus is still in strong position with its existing portfolio of assets in the United Kingdom and cash reserves of approximately $1.4m.

Background

In January 2020,  a binding conditional Heads of Agreement was executed between Doriemus and Oilex for the proposed acquisition by Doriemus of a portfolio of oil and gas assets within the proven onshore South Australian Cooper-Eromanga Basin.

Doriemus plans to re-focus as a Cooper-Eromanga Basin oil and gas explorer/developer targeting high return, high chance-of-success oil & gas opportunities in this proven producing petroleum fairways.