Business
Placing
Placing.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n RNS Number : 3713E Xtract Energy plc 18 December 2009 \n \n18 December 2009\n\nAIM: XTR\n\nXTRACT ENERGY PLC\n(\"Xtract\" or the \"Company\")\n\nPlacing\n\nXtract is pleased to announce that it has placed 60 million new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a placing price of 2 pence per ordinary share, raising £1.2 million before expenses (the \"Placing\"). Placees will receive warrants (the \"Warrants\") to subscribe for one new ordinary share for each Placing Share received under the Placing at a subscription price of 2.5 pence per ordinary share. The net proceeds of the Placing will be used for working capital purposes. Application has been made for the Placing Shares to be admitted to AIM and trading in the Placing Shares is expected to commence on 21 December 2009. The Warrants, which will expire 18 months after admission of the Placing Shares, will not be admitted to trading on AIM. Following the issue of the Placing Shares there will be 811,765,026 Xtract ordinary shares in issue.\n\n\nEnquiries please contact:\n\n\n\n\n\nXtract Energy\n\n\nAndy Morrison, CEO\n\n\n+44 (0)20 3205 1148\n\n\n\n\n\nSmith & Williamson\nCorporate Finance\n\n\nDavid Jones\nAzhic Basirov\nBarrie Newton\n\n\n\n+44 (0)20 7131 4000\n\n\n\n\n\nAbout Xtract Energy\n\nXtract identifies and invests in a diversified portfolio of early stage energy sector technologies and businesses with significant growth potential. The Company aims to work closely with the associated management teams to achieve critical project milestones, to finance later development stages, and to build and crystallise value for all shareholders and partners.\n\nFor further information on Xtract please visit www.xtractenergy.co.uk\n\nA short description of the principal assets of Xtract is set out below. These assets are either held directly or through wholly owned subsidiaries of the Company.\n\nExtrem Energy AS (\"Extrem Energy\")\n\nExtrem Energy is an exploration and production joint venture with Merty Energy of Turkey. The JV's aim is to create a new medium-sized oil and gas exploration and production business, initially focused on Turkey where Merty Energy has particular experience and expertise. Extrem Energy has...