Drawdown of USD2.4m in Debt

Regulatory Story

Xtract Resources plc - XTR

Drawdown of US$2.4m in Debt

Released 08:11 10-May-2016

RNS Number : 7478X Xtract Resources plc 10 May 2016

10 May 2016

Xtract Resources Plc ("Xtract" or "the Company") Drawdown of US$2.4m in Debt

Xtract 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.

The 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.

Jan 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."

A total of US$ 1,550,000 remains available for drawdown from the Facility.

Enquiries:

Xtract Resources Plc

Jan Nelson, CEO

+44 (0)20 3416 6471

Cenkos Securities plc

Derrick Lee Beth McKiernan

+44 (0)131 220 6939

Beaufort Securities

Jon Belliss

+44 (0)207 382 8300

St James's Corporate Services Limited

Phil Dexter

+44 (0)20 7796 8647

+44 (0)7798 634398

Gable Communications

Justine James

xtract@gablecommunications.com

+44 (0)20 7193 7463

+44 (0) 7525 324431

This information is provided by RNS

The company news service from the London Stock Exchange END

Xtract Resources plc published this content on 10 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 May 2016 07:56:01 UTC.

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