Business
YAII EQ Loan Note Conversion
YAII EQ Loan Note Conversion.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5982I Xtract Resources plc 20 June 2017 \n\n \nFor immediate release\n 20 June 2017\nXtract Resources Plc \nYA II EQ Loan Note Conversion \n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") announces that the Company received on 19 June 2017 a conversion notice from YA II EQ, Ltd. (the \"Investor\") to convert US$102,663 of the outstanding Convertible Loan.\n \nConvertible Loan Background\nAs announced on the 5 April 2017, the Company and the Investor agreed inter alia that the outstanding balance owed under the Convertible Loan amounted to US$1.04 million (the \"Balance\"). In respect of US$0.52 million of the Balance, the Company agreed to make 9 monthly cash payments of principal and interest beginning on 1 July 2017 and in respect of US$0.52 million of the Balance, the Company agreed to pay such amount on 1 April 2018, plus any accrued and unpaid interest thereon, to the extent that any such amount had not been previously discharged through conversion into new ordinary shares of the Company by the Investor who may at any time until 1 April 2018, convert all or any of the amount then outstanding under the Balance into new fully paid Xtract ordinary shares at a conversion price equal to a 15% discount to the average volume weighted average price of Xtract ordinary shares (\"VWAP\") during the 10 business days prior to the conversion date subject to a floor price of 0.012p per share.\nConversion Notice\n \nOn 19 June 2017, the Company received a conversion notice from the Investor to convert U$100,000 of the Balance, together with interest of US$2,663, at a conversion price of 0.0012p (equal to the above floor price) (\"Conversion Notice\").\n \nAs previously announced, at the annual general meeting of the Company (\"AGM\") to be held on 22 June 2017, shareholders are being asked to consider, and if thought fit, passing inter alia the Capital Reorganisation comprising two elements:\n \n· Consolidation - Every 200 Existing Ordinary Shares will be consolidated into one ordinary share of 2 pence (a \"Consolidated Share\").\n· Subdivision - Immediately following the Consolidation, each Consolidated Share will then be sub-divided into one new ordinary share of 0.02 pence (\...