The company will initially raise A$1.8 million (US$1.1 million) by issuing just under 45.4 million shares at A$0.041 per share.
It will then seek shareholder approval to raise a further A$21.2 million through the issue of 287.3 million shares at A$0.041 per share and nearly 225.5 million shares at A$0.0418 per share.
Oilex said the higher priced shares would be issued to Zeta Resources which would then hold a 19.6%
