Placing, Warrants Issue, Directors Dealings, TVR

RNS Number : 5454S
Xtract Resources plc
22 December 2016
 

 

For immediate release

 22 December 2016

Xtract Resources Plc  

("Xtract" or "the Company")

 

Placing and Issue of Warrants

Directors' Dealings and

Total Voting Rights

 

The Board of Xtract is pleased to announce the completion of the proposed placing announced yesterday.

The Company has raised £220,000, before expenses, by way of a Company organised placing with private and institutional investors, including Mr Colin Bird, Chairman and a company associated with Mr Bird, of 1,333,333,333 new ordinary shares of 0.01p each ("Placing Shares") at a placing price of 0.0165p per share ("Placing Price") representing 7.3% of the existing issued share capital of the Company.  In addition, the Company has issued 666,666,666 placing warrants ("Placing Warrants") to the placees on a 1 for 2 basis, exercisable in whole or in part at 0.02p until 21 December 2017.  The funds raised by way of the Placing Shares will be used for general working capital purposes.  The Placing Price of 0.0165p represents a premium of 10% to the closing price of 0.015p on AIM on 19 December 2016, being the business day preceding the day on which the placing was arranged.

Mr Colin Bird, Chairman, has subscribed under the placing at the Placing Price for 393,939,394 Placing Shares, and his enlarged holding will be 483,646,291 ordinary shares, representing 2.5% of the enlarged share capital of the Company.  He will also hold 196,969,697 Placing Warrants which would when exercised bring his holding to 3.4% of the enlarged share capital of the Company, assuming all such warrants were exercised.

In addition, African Pioneer plc, of which Colin Bird is a director and 9.05% shareholder, has subscribed for 121,212,121 Placing Shares, representing a holding of 0.6% of the enlarged share capital of the Company.

Application will be made for the admission of the 1,333,333,333 Placing Shares to trading on AIM ("Admission") and it is expected that this will occur on or around 3 January 2017.   These shares will rank pari passu in all respects with the Company's existing issued ordinary shares.

On Admission, the Company will have 19,621,061,878 Ordinary Shares in issue with voting rights. Xtract does not currently hold any shares in treasury. Accordingly, this figure of 19,621,061,878 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.

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.

 

Enquiries:

Xtract Resources Plc

Colin Bird, Executive Chairman

 

+44 (0) 203 416 6471

 

Beaumont Cornish

Michael Cornish

Felicity Geidt

+44 (0) 207 628 3369


Email: corpfin@b-cornish.co.uk

 


Beaufort Securities

Jon Belliss

+44 (0) 207 382 8300

 

 

 

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.  

 

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

a)

Name

Colin Bird

2

Reason for notification

a)

Position / status

Director

b)

Initial notification

/Amendment

Initial

3

Details of the issueremission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Xtract Resources Plc

b)

LEI

Not applicable

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description  of  the financial instrument, type of instrument

Identification code

Ordinary shares of 0.01 pence each in Xtract Resources plc

ISIN GB00B06QGC57

 


Nature of the transaction

Subscription for  393,939,394 new ordinary shares (together with 196,969,697 warrants)  under a placing


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0.0165p  

 

393,939,394

 

 

d)

Aggregated information

n/a

e)

Date of the transaction

21 December 2016

f)

Place of the transaction

London Stock Exchange, AIM (XLON)

 

 

ENDS

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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