White Energy Company Limited (White Energy (ASX:WEC, OTCQX: WECFY) is pleased to confirm that Southern Cross Equities Limited (SCE) has now formalised its unconditional offer on behalf of its institutional client base to provide White Energy with $100 million of equity financing by way of a placement of 41.67 million shares at $2.40 per share.
The Directors of White Energy have reviewed the terms of the offer and have determined that its acceptance is in the best interests of the Company. The funds raised through the placement will be used to finance the rollout of the Company’s business plan and for general working capital purposes.
The placement is being completed in two tranches with 28.8 million shares to be issued immediately pursuant to ASX Listing Rule 7.1 and the balance of 12.87 million shares to be issued subject to shareholder approval following an Extraordinary General Meeting to be held in mid December 2009.
Share Purchase Plan Offer
The Company is also investigating the implementation of a Share Purchase Plan (“SPP”) so that all Shareholders can have the opportunity to subscribe for shares on the same terms as the SCE placement. Key points in relation to the planned SPP offer are as follows:

• eligible shareholders will be able to subscribe for up to $5,000 worth of shares at an issue price of $2.40 per share;
• the offer will be underwritten by SCE and capped at $6 million.

However, it is important to note that the ASX Listing Rules only allow one Share Purchase Plan to be established in any 12 month period. Given that the Company has already undertaken a SPP earlier in the year, it is now required to seek a waiver from the listing rules to undertake a further SPP.
Accordingly, the Company is in the process of seeking a waiver from the ASX to enable it to proceed with the proposed SPP. Further information will be provided to Shareholders as soon as the outcome of the waiver application has been determined by the ASX.
ASSAC Merger Transaction
The capital raising and Share Purchase Plan Offer will replace the previously proposed merger with Asia Special Situation Acquisition Corp. Inc (ASSAC (AMEX: CIO and CIOW) which will not proceed. Since the despatch of the Scheme Booklet to Shareholders it has become clear to the Board that a number of the conditions precedent and other matters fundamental to the successful completion of the merger transaction were unlikely to be achieved. As a consequence both parties have agreed to withdraw from the proposed merger on mutually acceptable terms.
In light of the above, an application will be made to the Federal Court of Australia to cancel the security holder Scheme Meetings convened for 23 November 2009.