Xtract Resources plc Auroch loan note conversion, total voting rights (1877R)
September 19 2017 - 7:45AM
UK Regulatory
TIDMXTR
RNS Number : 1877R
Xtract Resources plc
19 September 2017
For immediate release
19 September 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 Auroch Exploration (Pty) Ltd ("Auroch") has today
converted US$200,000 of the outstanding loan agreement with
Auroch.
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 (which was repaid in
full by 28 March 2017). A further US$1,000,000 remained outstanding
under the loan agreement (subsequently to be replaced with a
convertible note on substantially the same terms as the Convertible
Loan Notes following approval of shareholders of the relevant
authorities at the General Meeting held on 13 March 2017). Auroch
has today converted US$200,000 of the outstanding amount under the
loan agreement. The Company has therefore today issued 6,219,370
new ordinary shares to Auroch at an issue price of 2.4p per new
ordinary share. Following this conversion, US$860,000 (including
accrued interest) will remain outstanding under the loan
agreement.
Admission to Aim
Application will be made for admission of the 6,219,370 new
ordinary shares to trading on AIM ("Admission"), to be admitted to
trading on or around 25 September 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
268,605,828 Ordinary Shares in issue with voting rights. Xtract
does not currently hold any shares in treasury. Accordingly, this
figure of 268,605,828 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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