Metgasco Ltd (ASX:MEL) has lodged a proposed issue of securities with ASX, disclosing a renounceable pro rata entitlement offer to issue up to 183,711,380 ordinary fully paid shares at AUD $0.011 each, with one attaching option for every new share issued, on a 5-for-1 basis relative to existing holdings.

Key Points

  • Renounceable pro rata offer ratio of 5 new shares for every 1 existing share held, with a maximum of 183,711,380 ordinary shares proposed to be issued.
  • Offer price of AUD $0.011 per new ordinary share, with attaching options issued at no additional cost (AUD $0.000 per option).
  • Each attaching option expires 4 December 2029 and carries an exercise price of AUD $0.017, with one fully paid ordinary share issued upon exercise of each option.
  • Shareholders may oversubscribe up to the full offer amount, with any scale back of oversubscriptions at the discretion of the Board.
  • Offer documents are to be dispatched to eligible security holders on 17 November 2026, with the offer closing date set for 1 December 2026 and issue date of 4 December 2026.

Renounceable Entitlement Offer Structure and Pricing

According to the filing dated 10 November 2026, Metgasco Ltd is conducting a standard renounceable pro rata issue, offering eligible shareholders 5 new ordinary fully paid shares for every 1 share held at the record date. The offer price is AUD $0.011 per share. Fractional entitlements will be rounded up to the next whole number. The maximum number of ordinary shares proposed to be issued, subject to rounding, is 183,711,380. The new shares will rank equally in all respects from their issue date with existing ordinary shares on issue. The filing states there are no external approvals required before the entitlement offer can proceed on an unconditional basis.

Attaching Options: Terms and Quotation

The filing discloses that one attaching option will be issued for every new ordinary share issued under the offer, with a maximum of 183,711,380 options proposed to be issued. The options are described as a new class of securities and carry an exercise price of AUD $0.017, expiring on 4 December 2029. Each option, if exercised, entitles the holder to one fully paid ordinary share in Metgasco Ltd. The attaching options are offered at AUD $0.000 per option. ASX has confirmed that the terms of the proposed options are appropriate and equitable under listing rule 6.1, and Metgasco has stated it will seek quotation of this new class of securities on ASX.

Offer Timetable and Oversubscription Arrangements

The filing sets out the following key dates: the ex date is 12 November 2026, with rights trading also commencing on that date. The record date is 13 November 2026. Offer documents are scheduled to be dispatched to eligible security holders on 17 November 2026. The offer closing date is 1 December 2026, with an issue date of 4 December 2026. Shareholders are permitted to apply for more than their entitlement, up to the full offer amount. Any scale back of oversubscriptions will be determined at the discretion of the Board. Material terms of the securities are set out in the Prospectus lodged with ASX on 10 November 2026.