Surely not the same Colin (WTF)7 Jan 2017 23:23
Doing the same dilution in Extract Resources and African Pioneer plc..... What a cnt
For immediate release
22 December 2016
Xtract Resources Plc
("Xtract" or "the Company")
Placing and Issue of Warrants
Directors' Dealings and
Total Voting Rights
The Board of Xtract is pleased to announce the completion of the proposed placing announced yesterday.
The Company has raised £220,000, before expenses, by way of a Company organised placing with private and
institutional investors, including Mr Colin Bird, Chairman and a company associated with Mr Bird, of 1,333,333,333
new ordinary shares of 0.01p each ("Placing Shares") at a placing price of 0.0165p per share ("Placing Price")
representing 7.3% of the existing issued share capital of the Company. In addition, the Company has issued
666,666,666 placing warrants ("Placing Warrants") to the placees on a 1 for 2 basis, exercisable in whole or in part at
0.02p until 21 December 2017. The funds raised by way of the Placing Shares will be used for general working
capital purposes. The Placing Price of 0.0165p represents a premium of 10% to the closing price of 0.015p on AIM on
19 December 2016, being the business day preceding the day on which the placing was arranged.
Mr Colin Bird, Chairman, has subscribed under the placing at the Placing Price for 393,939,394 Placing Shares, and
his enlarged holding will be 483,646,291 ordinary shares, representing 2.5% of the enlarged share capital of the
Company. He will also hold 196,969,697 Placing Warrants which would when exercised bring his holding to 3.4% of
the enlarged share capital of the Company, assuming all such warrants were exercised.
In addition, African Pioneer plc, of which Colin Bird is a director and 9.05% shareholder, has subscribed for
121,212,121 Placing Shares, representing a holding of 0.6% of the enlarged share capital of the Company.
Application will be made for the admission of the 1,333,333,333 Placing Shares to trading on AIM ("Admission") and
it is expected that this will occur on or around 3 January 2017. These shares will rank pari passu in all respects with
the Company's existing issued ordinary shares.
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