10th May 2016 08:17
LONDON (Alliance News) - Xtract Resources PLC on Tuesday said it has drawn down USD2.4 million from its existing facility with YA Global Master SPV Ltd.
The funds will be drawn down in two tranches; the first tranche of USD1.65 million will be drawn down on Tuesday and the second tranche of USD750,000 will be drawn down on July 1.
The funds will primarily be used to fund completion of the Manica Bankable Feasibility Study in Mozambique.
A total of USD1.55 million remains available for drawdown from the facility.
"In order to minimise 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," Chief Executive Jan Nelson said in a statement.
Shares in Xtract were trading down 6.6% at 0.177 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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