02:05 Wed 30 Sep 2020
Xtract Resources plc - Issue of Equity
For immediate release
Xtract Resources Plc
("Xtract" or the "Company")
Placing
Total Voting Rights
Placing
The Board of Xtract Resources Plc ("Xtract" or the "Company") announces that the Company's Broker, Novum Securities, has today conditionally raised
The net proceeds from the Placing will be utilised by the Company to fund the further development of its exploration and development projects in
Warrants
In conjunction with the placing, the Company will issue the placees a total of 27,083,333 warrants, being half a warrant for every share. The warrants are exercisable in whole or in part at 1.85p per new Ordinary Share to be exercised within 2 years of being issued.
In conjunction with the Placing, the Company will issue the Broker 3,250,000 warrants, exercisable in whole or in part at 1.20p per new Ordinary Share within 2 years of being issued.
A total 1,250,000 new Ordinary Shares will be issued at the placing price of 1.20p in lieu of fees ("
Further AIM and other Disclosures
Sanderson Capital Partners ("Sanderson") has subscribed
The Company has also agreed to settle a corporate creditor through the issuance 1,250,000 new ordinary shares at an issue price of 1.20p per ordinary share (equivalent to fees of
Admission to AIM
Application will be made for admission of the Placing Shares, the Fee Shares and the Settlement Shares ("New Shares"), in aggregate amounting to 56,666,666 new Ordinary Shares, to trading on AIM ("Admission") on or around
Total Voting Rights
On Admission of the New Shares, the Company will have 513,969,954 Ordinary Shares in issue with voting rights. Xtract does not currently hold any shares in treasury. Accordingly, this figure of 513,969,954 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.
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
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was
Enquiries:
Xtract Resources Plc |
Executive Chairman
|
+44 (0)20 3416 6471 |
Beaumont Cornish Limited Nominated Adviser and Joint Broker |
|
+44 (0)207628 3396 |
Novum Securities Limited Joint Broker |
|
+44 (0)207 399 9427 |
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