Just want to clear a few things up
Firstly it is not bye bye oilex the company has just raised funds by the placement $1.8m and by the rights issue $7m both of those figures are before costs.
Add to this the $1.2m they had at the end of the June quarter
$1.8m + $7m +$1.2m = $10m minus costs say $500k and 1 months administration costs say another $500k
So my estimate is that they have around $9m cash
