Xtract Resources plc Proposed Placing (4185S)
21 December 2016 - 6:00PM
UK Regulatory
TIDMXTR
RNS Number : 4185S
Xtract Resources plc
21 December 2016
For immediate release
21 December 2016
Xtract Resources Plc
("Xtract" or "the Company")
Proposed Placing
Xtract today announces that the Company is intending to raise
GBP220,000, before expenses, by way of a Company organised placing
with private and institutional investors, including Mr Colin Bird,
Chairman and a company associated with Mr Bird, of 1,333,333,333
new ordinary shares of 0.01p each ("Placing Shares") at a placing
price of 0.0165p per share ("Placing Price"), representing 7.3% of
the existing issued share capital of the Company. In addition, the
Company would issue 666,666,666 placing warrants ("Placing
Warrants") to the placees on a 1 for 2 basis, exercisable in whole
or in part at 0.02p until 21 December 2017. The funds raised by way
of the Placing Shares would be used for general working capital
purposes. The proposed Placing Price of 0.0165p represents a
premium of 10% to the closing price of 0.015p on AIM on 19 December
2016, being the business day preceding the day on which the placing
is being arranged.
Mr Colin Bird, Chairman, intends to subscribe under the proposed
placing at the Placing Price for 393,939,394 Placing Shares, and
should the proposed placing proceed, his enlarged holding will be
483,646,291 ordinary shares, representing 2.5% of the enlarged
share capital of the Company. He would also hold 196,969,697
Placing Warrants which would when exercised bring his holding to
3.4% of the enlarged share capital, assuming all such warrants were
exercised.
In addition, African Pioneer plc, of which Colin Bird is a
director and 9.05% shareholder, also intends to subscribe for
121,212,121 Placing Shares, representing a holding of 0.6% of the
enlarged share capital of the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
A further announcement will be made in due course.
Note:
Colin Bird will today be giving an interview to Proactive
Investor which will be available on both the Proactive Investor and
the Company websites later this morning.
Enquiries:
Xtract Resources Colin Bird, Executive +44 (0) 203
Plc Chairman 416 6471
Michael Cornish +44 (0) 207
Beaumont Cornish Felicity Geidt 628 3369
Email: corpfin@b-cornish.co.uk
+44 (0) 207
Beaufort Securities Jon Belliss 382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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