Following the announcements by the Company of the further progress it had made on the Manica Gold Project, including reaching agreement with Auroch on amounts owing by the Company and separately the collaboration agreement with Nexus Capital Limited in the exploitation of alluvial gold deposits, the Company's broker Beaufort approached the Company with the indicative terms and amount of a proposed funding and the Board was encouraged by the potential interest shown in the Company by potential investors. The Board considered the proposed funding and concluded that, given the working capital requirements of the Group and the objective to advance the Manica Gold Project and continue to reduce accrued historic creditors, the proposed funding, while opportunistic, would substantially improve the Company's financial position and therefore the Board's confidence in progressing Manica successfully
The net proceeds from the Placing will be used by the Company to fund the completion of the Definitive Feasibility Study on the Manica Gold Project (anticipated to be completed on or around 28 February 2017), extend the Environmental Impact Assessment to cover all alluvials within the Manica Gold Project, further consolidation within the area of the Manica Gold Project, and for general working capital purposes. In addition, the Company will be able to review new investment opportunities to diversify its interests and a proportion of the funding could be used for this process
If Colin bird is taken a wage before xtr even produces gold that guy should be jailed for day light robbery. Don't trust this guy anymore than Jan, 90% + down. Don't be shy guys you know I'm right telling how it is. I am furious the way they have handled the company & pi,s
thanks for the tip off . Didn't bother checking his post history by haven't seen him post on Xtract Resources ( bb ) so your probably right . Wonder who had a suspension for him to turn ..... hum ...... mind boggles ..... hey
S4K - I know placings are required to get things moving but I am fed up with the total waste of anything raised up to now. I still hold here because I want something good to happen for a change here. Annoyed that others seem to benefit handsomely whilst shareholders foot the bill ( YA, Concordia people, Auroch).
since you know so much about trading why not help the poster LittleWing when he asks for help rather than patronise those that try to help . On that note as far as LittlWing and his limited knowledge of share trading is concerned I'll refer him to you from now on S4KSecurity .
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