10 May Drawdown of US$2.4m in Debt
RNS Number : 7478X
Xtract Resources plc
10 May 2016
Xtract Resources Plc
(“Xtract” or “the Company”)
Drawdown of US$2.4m in Debt
Xtract Resources Plc (AIM:XTR) announces that it has drawn down US$2,400,000 (the “Funds”) from the Company’s existing facility with YA Global Master SPV, Ltd (the “Facility”). The Funds will primarily be used to fund completion of the Manica Bankable Feasibility Study.
The funds will be drawn down in two tranches. The first tranche of US$1,650,000 will be drawn today, 10 May 2016, with a second tranche of US$750,000 drawn on 1 July 2016.
Jan Nelson, CEO of Xtract commented; “In order to minimize dilution for shareholders, with regard to obtaining the funding required to complete our technical work programmes, we have elected to utilise the existing debt facility and this capital will see us through the development phase until project funding for Manica is in place.”
A total of US$ 1,550,000 remains available for drawdown from the Facility.
Enquiries:
Xtract Resources Plc Jan Nelson, CEO
+44 (0)20 3416 6471
Cenkos Securities plc Derrick Lee
Beth McKiernan +44 (0)131 220 6939
Beaufort Securities Jon Belliss
+44 (0)207 382 8300
St James’s Corporate Services Limited Phil Dexter
+44 (0)20 7796 8647
+44 (0)7798 634398
Gable Communications Justine James
xtract@gablecommunications.com +44 (0)20 7193 7463
+44 (0) 7525 324431
This information is provided by RNS
The company news service from the London Stock Exchange
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