Brookside Energy Limited (ASX: BRK), formerly Red Fork Energy Limited, is an oil and gas company based out in Australia. The company is currently operating in the Anadarko Basin, Oklahoma, Colorado containing sedimentary deposits with a thickness from two thousand feet to forty thousand feet. Among the United States shale regions, this region is considered as a heavyweight in terms of oil and natural gas production with a current output estimated to be in the order of 600,000 barrels of oil equivalent per day.
Today, the company released its options prospectus for the placement of up to 225,140,625 new listed options.
31 December 2018 was set for determining the eligibility for New Listed Options. The Prospectus was lodged with the ASIC and ASX on 7 January 2019 with the commencement of the offer. The close date is set for 28 January 2019, 17:00 WST with the right to close the Offer early. The general meeting will be held on 31 January 2019 to approve the offer with the official quotation of New Listed options on 5 February 2019. The New Listed Options will be issued within three months of the company obtaining the approval for the same.
As at 31 December 2018, the Company had 675,421,875 listed Options exercisable at $0.02 which expired on 31 December 2018, 17:00 WST and 70,000,000 unlisted Options exercisable at $0.03 each expiring on 31 December 2020, 17:00 WST.
This Prospectus offers up to 225,140,625 New Listed Options at an issue price of $0.00006 each exercisable at $0.03 each and expiring on 31 December 2020, 17:00 WST with a floor of 10,000,000 New Listed Options per applicant. Any excess money received on the application (only if the amount is $1.00 or higher) will be refunded with no interest.
To apply for New Listed Options, applicants will have to fill an Application Form and must mail or deliver it to the address set out on the Form. Holders of Expired Options on 31 December 2018 are eligible to apply for the New Listed Options. New Listed Options will otherwise be issued to Applicants at the absolute discretion of the Directors.
In case of payment by cheque or draft, the applicant must draw it in Australian currency to “Brookside Energy Limited Offer Account” and crossed “Not Negotiable.” The applicant can also pay through BPAY with the condition that the share registry receives the payment by no later than 16:00 WST, 28 January 2019.
If the official quotation of the New Listed Options is not granted by the ASX, then BRK will not issue the options and will repay all application monies without interest within the time prescribed under the Corporations Act.
The effect of the offer of 225,140,625 options will be an increase in the total number of options to 295,140,625 and decrease in cash and reserves each by $10,776 (after deducting the estimated expenses of the Offer).
Over the past three months, the stock has generated a negative yield of 36.84%. Today, the scrip has soared by 8.333%, closing at $0.013 as compared to previous close of $0.012.
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