Business
Drawdown of US$2.4m in Debt
Drawdown of US$2.4m in Debt.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7478X Xtract Resources plc 10 May 2016 \n\n10 May 2016\n \nXtract Resources Plc \n(\"Xtract\" or \"the Company\")\n \nDrawdown of US$2.4m in Debt\n \nXtract 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.\n \nThe 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$750,000 drawn on 1 July 2016. \n \nJan Nelson, CEO of Xtract commented; \"In order to minimize dilution for shareholders, with regard to obtaining the funding required to complete our technical work programmes, we have elected to utilise the existing debt facility and this capital will see us through the development phase until project funding for Manica is in place.\" \n \nA total of US$ 1,550,000 remains available for drawdown from the Facility.\n \nEnquiries:\n\n\n\n\nXtract Resources Plc\n\n\nJan Nelson, CEO\n \n\n\n+44 (0)20 3416 6471\n \n\n\n\n\nCenkos Securities plc\n\n\nDerrick Lee\nBeth McKiernan\n\n\n+44 (0)131 220 6939\n\n\n\n\nBeaufort Securities\n\n\nJon Belliss\n \n\n\n+44 (0)207 382 8300\n\n\n\n\nSt James's Corporate Services Limited\n\n\nPhil Dexter\n \n\n\n+44 (0)20 7796 8647\n+44 (0)7798 634398\n\n\n\n\nGable Communications \n\n\nJustine James\[email protected]\n\n\n+44 (0)20 7193 7463\n+44 (0) 7525 324431\n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGMGMKNGRGVZG\n ","length":4501,"tagName":"div"}]