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 |
+44 (0)20 3416 6471 |
Cenkos Securities Plc |
Beth McKiernan Alan Stewart |
+44 (0)20 7397 8900 +44 (0)131 220 6939 |
Gable Communications |
Justine James |
+44 (0)20 7193 7463 +44 (0) 7525 324431 |
St James's Corporate Services |
Phil Dexter |
+44 (0)20 7796 8647 |
