Recently, the Board of Xtract Resources Plc announced that the Company’s Broker, Novum Securities, has conditionally raised £5,000,000 following the placement of 111,111,111 new Ordinary Shares of 0.02p each at 4.5p per Placing Share. The Placing Price is at a premium of approximately 24% compared to the 10-day volume weighted average price of 3.63p for the period ended 20 January 2021.
The net proceeds from the Placing will be utilised by the Company to fund the further development of its exploration and development projects in Australia and in Zambia and provide additional working capital.
Colin Bird, Executive Chairman said: “The Company has elected to raise the money based on the very pleasing drilling of the first hole in the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt, New South Wales, Australia as reported over the last week. The drilling results demonstrated a significant mineralised plunge in excess of our expectations, requiring more extensive strike drilling to prove-up width and the tonnage. The drilling programme will be important to identify the copper grades as well as establish gold grades on the various horizons.”
The placing funds will also assist in fast-tracking the Eureka project in Zambia and drilling is expected to commence there within the coming weeks.
Xtract Resources Plc has been able to conditionally raise £5,000,000 with the aid of Clear Capital Markets and if you also have similar plans, you can contact us anytime.
Clear Capital Markets assisted the company’s corporate broker in this fundraise. If you are interested in raising funds or taking part in company fundraisings, please contact us
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