Xtract Resources plc YA II EQ Loan Note Conversion and TVR (8898K)
12 July 2017 - 10:50PM
UK Regulatory
TIDMXTR
RNS Number : 8898K
Xtract Resources plc
12 July 2017
For immediate release
12 July 2017
Xtract Resources Plc
("Xtract" or the "Company")
YA II EQ Loan Note Conversion
Total Voting Rights
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces that the Company received on 11 July 2017 a conversion
notice from YA II EQ, Ltd. (the "Investor") to convert US$151,085
of the outstanding Convertible Loan.
Convertible Loan Background
As announced on the 5 April 2017, the Company and the Investor
agreed inter alia that the outstanding balance owed under the
outstanding Loan amounted to US$1.04 million (the "Balance"). In
respect of US$0.52 million of the Balance, the Company agreed to
make 9 monthly cash payments of principal and interest beginning on
1 July 2017 and in respect of US$0.52 million of the Balance, the
Company agreed to pay such amount on 1 April 2018, plus any accrued
and unpaid interest thereon, to the extent that any such amount had
not been previously discharged through conversion into new ordinary
shares of the Company by the Investor who may at any time until 1
April 2018, convert all or any of the amount then outstanding under
the Balance into new fully paid Xtract ordinary shares at a
conversion price equal to a 15% discount to the average volume
weighted average price of Xtract ordinary shares ("VWAP") during
the 10 business days prior to the conversion date subject to a
floor price of 2.4p per share.
On 11 July 2017, the Company received a conversion notice from
the Investor to convert U$150,000 of the Balance, together with
interest of US$1,085, at a conversion price of 2.4p (equal to the
above floor price) ("Conversion Notice"). The Company has today
issued 4,884,450 New Ordinary shares to the Investor at an issue
price of 2.4p per Ordinary share.
Admission to Aim
Application will be made for admission of the 4,884,450 new
ordinary shares to trading on AIM ("Admission"), to be admitted to
trading on or around 18 July 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 4,884,450 New Shares, the Company will have
180,533,202 Ordinary Shares in issue with voting rights. Xtract
does not currently hold any shares in treasury. Accordingly, this
figure of 180,533,202 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.
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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