Xtract Resources plc Directors Dealing, Issue of Equity (5022A)

TIDMXTR

RNS Number : 5022A

Xtract Resources plc

28 December 2017

For immediate release

28 December 2017

Xtract Resources Plc

("Xtract" or the "Company")

Directors Dealing, Issue of Equity

The Board of Xtract Resources Plc ("Xtract" or the "Company") announces that it has agreed to issue new ordinary shares to Colin Bird, a director of the Company, in settlement of accrued but unpaid fees.

As at 27 December 2017, contractually accrued but unpaid fees due to Colin Bird in respect of the period from January 2013 to January 2017, amounted to GBP131,500. Colin Bird had agreed to defer settlement of his fees to preserve the Company's cash resources and had previously indicated his willingness to accept new shares as settlement as and when the Company was no longer in a close period. Accordingly, the Company has today agreed to issue conditionally the following new shares to Colin Bird in settlement of the amounts owed to him:

 
 Director        Accrued     Issue       No. of New   Total Shareholding   % Shareholding 
                    fees     price    Shares issued            following           in the 
                   to be        of                             the issue         enlarged 
                 settled       New                            of the New           issued 
                  in New    Shares                                Shares            share 
                  Shares                                                          capital 
----------  ------------  --------  ---------------  -------------------  --------------- 
 Colin 
  Bird        GBP131,500     2.85p        4,614,035            7,032,266            1.97% 
----------  ------------  --------  ---------------  -------------------  --------------- 
 

The new Shares will be issued conditional on approval by shareholders of an increase in the Company's general share authorities a the next general meeting of the Company. Application will then be made for admission of the New Shares to trading on AIM ("Admission"), in aggregate amounting to 4,614,035 new Ordinary Shares ("New Shares"), representing 1.32% of the current issued share capital. The New Shares will rank pari passu in all respects with the Company's existing issued ordinary shares. A further announcement will be made in due course.

Further details are available from the Company's website as well as a copy of this announcement: www.xtractresources.com

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse.

Enquiries:

 
 Xtract Resources       Colin Bird, Executive             [phone] 
  Plc                    Chairman                          6471 
                        Michael Cornish 
                         Roland Cornish                   [phone] 
 Beaumont Cornish        Felicity Geidt                    3369 
  Email: [e-mail] 
                                                          [phone] 
 Beaufort Securities    Jon Belliss                        8300 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 28, 2017 10:22 ET (15:22 GMT)