Xtract Resources PLC - diversified metals and minerals producer - Raises GBP5.0 million before expenses following the placement of 111.1 million shares at 4.5 pence per share. The placing shares represent 18% of the current issued share capital of the company. The placing price is at a premium of 24% compared to the ten-day volume weighted average price of 3.63p for the period ended January 20. The net proceeds from the placing will be used by the company to fund the further development of its exploration and development projects in Australia and in Zambia and provide additional working capital.
Current stock price: 4.80p, down 5.9% on Thursday
Year-to-date change: more than doubled from 1.78p on December 31, 2020
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Xtract (XTR)