Xtract Resources plc Auroch loan note conversion, TVR (1707Z)
10 March 2017 - 11:36PM
UK Regulatory
TIDMXTR
RNS Number : 1707Z
Xtract Resources plc
10 March 2017
For immediate release
10 March 2017
Xtract Resources Plc
("Xtract" or the "Company")
Auroch loan note conversion
Total Voting Rights
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces that the Company has received a conversion notice from
Auroch Exploration (Pty) Ltd ("Auroch") to convert US$199,137 of
the outstanding Convertible Loan Notes.
As announced on 9 February 2017, the Company reached an
agreement regarding the outstanding amounts owed by the Company to
Auroch in relation to the acquisition of the Manica Gold Project
and, inter alia, agreed to issue unsecured Convertible Loan Notes
to Auroch to the total value of US$748,136.
On 16 February 2017, following receipt of notice from Auroch to
convert U$200,000 of the outstanding Convertible Loan Notes, and in
settlement of the Convertible Loan Note arrangement fee due of
U$50,000 and interest payable in advance of US$13,722, the Company
issued 1,589,623,629 new ordinary shares to Auroch at an issue
price of 0.013282p (equal to a 15 per cent. discount to the VWAP
during the 10 business days prior to the issue of the Convertible
Loan Notes).
Following receipt of notice from Auroch to convert a further
US$199,137 of the outstanding Convertible Loan Notes, the Company
has today issued 796,812,502 new ordinary shares to Auroch at an
issue price of 0.020485p (equal to a 15 per cent. discount to the
VWAP during the 10 business days prior to the issue of this
Conversion Notice).
Following this further conversion, and the repayment of
US$110,000 as previously announced on 16 February 2017, the
outstanding Convertible Loan Notes amount to US$238,999.
Admission to Aim
Application will be made for admission of the 796,812,502 new
ordinary shares to trading on AIM ("Admission"), to be admitted to
trading on or around 16 March 2017. The New Shares will rank pari
passu in all respects with the Company's existing issued ordinary
shares.
Total Voting Rights
On Admission of the New Shares, the Company will have
25,839,922,621 Ordinary Shares in issue with voting rights (see
Note 1 below). Xtract does not currently hold any shares in
treasury. Accordingly, this figure of 25,839,922,621 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Note (1)
This total excludes the Tranche 2 Placing Shares amounting to
6,659,458,000 new Ordinary Shares conditionally issued pursuant to
the placing as announced on 16 February 2017. The issue of the
Tranche 2 Placing Shares is conditional on shareholder approval of
the necessary increase in authority to issue the Tranche 2 Placing
Shares at the General Meeting to be held on 13 March 2017.
Other
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.
Further details are available from the Company's website which
details the company's project portfolio as well as a copy of this
announcement: www.xtractresources.com
Enquiries:
Xtract Resources Colin Bird, Executive +44 (0)20 3416
Plc Chairman 6471
Michael Cornish
Roland Cornish +44 (0)207628
Beaumont Cornish Felicity Geidt 3369
Email: corpfin@b-cornish.co.uk
+44 (0)207 382
Beaufort Securities Jon Belliss 8300
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 10, 2017 07:36 ET (12:36 GMT)
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