Oilex (ASX:OEX, LON:OEX) has raised a total of A$2.5mln after completing its previously announced share purchase plan.
The money will be used to progress activities at the Cambay Basin in Gujarat, India and for working capital.
Last month, the firm said it was targeting a $5mln through the sale of shares to existing investors. It was partially underwritten by Australian brokers Patersons Securities and DJ Carmichael so the first $2.5mln of the raise was secured.
Investors applied for around A$1,671,000 under the SPP and the shortfall was taken up by the underwriters and sub-underwriters.
The new shares will be priced at 4.1 cents - a 20% discount to the average price (volume weighted) for the five trading days prior to the share issue.
Oilex shares lost over 9% to stand at 2.5p.
