?1.2m Raised from Disposal of 5m GOS Shares

RNS Number : 9160L

Xtract Resources plc

10 July 2014

 



10 July 2014

Xtract Resources Plc

("Xtract" or the "Company")

Xtract raises £1.2 million through disposal of 5 million GOS shares

Xtract Resources Plc (AIM: XTR) has sold 5 million shares in Global Oil Shale Group Limited ('GOS') at 23.77 pence per share, for a total consideration of £1,188,679.

Xtract was initially issued 6,000,000 shares in GOS at a subscription price of 12p, in December 2012, as part of the disposal of the Julia Creek oil shale tenements in Queensland, Australia with an additional 1,371,365 in December 2013 at 40p.  Xtract therefore retains a total of 2,371,365 shares and as per the agreement would be allotted a further 1,500,000 shares immediately prior to a listing of GOS shares on a stock exchange or market.

Jan Nelson, CEO commented: "The opportunity arose for Xtract to sell 5 million shares, which immediately provides the Company with an additional £1.2 million without diluting shareholders.  This strengthens our cash position as we continue to develop and grow Chépica and evaluate the opportunities at Mejillones."

Enquiries:

Xtract Resources Plc	Jan Nelson, CEO	[phone]
Cenkos Securities Plc	Beth McKiernan Alan Stewart	[phone] [phone]
Gable Communications	Justine James	[phone] [phone]
St James's Corporate Services	Phil Dexter	[phone]

 

END

 

 

MSCSSUFWUFLSEDW