Xtract Resources plc Equity Placing and TVR (5298N)
09 August 2017 - 8:06PM
UK Regulatory
TIDMXTR
RNS Number : 5298N
Xtract Resources plc
09 August 2017
For immediate release
9 August 2017
Xtract Resources Plc
("Xtract" or the "Company")
Equity Placing
Termination of YA II EQ facility
Total Voting Rights
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to announce that the Company's Broker, Beaufort Securities,
has today conditionally raised GBP1,300,000 (before expenses)
following the placement of 76,470,590 new Ordinary Shares of 0.02p
each ("Ordinary Shares") at 1.7p ("Placing Price") per new Ordinary
Share (the "Placing").
The net proceeds from the Placing will be utilised by the
Company to repay, in full, the amount outstanding to YA II EQ under
the existing Loan Note Facility (as announced on 5 April 2017) of
US$ 583K and accordingly the facility will be terminated. In
addition, funds will be utilised for the pre-production costs for
the Manica Alluvial operations and the balance for general working
capital purposes and business development.
Colin Bird, Chairman said: "The funds have been raised to fully
settle the amount due to YA II EQ Ltd. This decision was made on
the basis that the Company has determined the full number of shares
to be issued and therefore would not face an uncertainty as to the
future number of shares to be issued to YA and therefore conserve
future earnings for company development. This is an exciting time
for the Company as it moves forward with sufficient funds to cover
pre-production costs for the Manica Alluvials projects. Both
contracting parties are progressing the production preparations and
remain on target, if not ahead of their contractual target".
Admission to Aim
Application will be made for admission of the Placing Shares to
trading on AIM ("Admission"), in aggregate amounting to 76,470,590
new Ordinary Shares ("New Shares") to be admitted to trading on or
around 23 August 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
262,386,458 Ordinary Shares in issue with voting rights. Xtract
does not currently hold any shares in treasury. Accordingly, this
figure of 262,386,458 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.
Broker Warrants
In conjunction with the Placing, the Company has issued
7,647,059 Broker warrants to Beaufort Securities Limited,
exercisable in whole or in part at 1.7p until 23 August 2019.
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)20 7628
Beaumont Cornish Felicity Geidt 3369
Email: corpfin@b-cornish.co.uk
+44 (0)20 7382
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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