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New investment allows shares of Xstract Energy to be restored
Friday, 24th August 2012
The suspension of trading in the shares of Xtract Energy has been restored.The suspension occurred pending clarification of the company's financial position following unexpected additional cash calls from Noreco, the operator of the Licences 01/11 and 02/05 in Denmark.
Xtract has negotiated revised payment terms with Noreco and has completed a review of the running costs of the company which will substantially reduce Xtract's annual overheads.
Tiger Resource Finance, members of the Board of Tiger Resource and Aaron D'Este, an independent investor, have agreed, subject to certain conditions, to subscribe for a total of 758,620,689 new ordinary shares at a price of 0.0435p per share to raise £330,000.
Following this Tiger Resource and the Tiger Resource co-investors will hold 29.9% of the enlarged share capital of the company.
Colin Bird, a director of Tiger Resource, will join the Board as Executive Chairman of Xtract. The chairman, George Watkins and Jeremy Kane, a non-executive director, will step down from the Board.
Commenting on this transaction Peter Moir, CEO of Xtract, said: "We are pleased to welcome our new shareholders and new Executive Chairman and in doing so, put Xtract Energy on a more sound financial footing to progress our strategy.
"We are also looking forward to working with the Tiger Resource team. The recent months have been a busy period for the Board and we believe we are recommending to existing shareholders a sensible solution to move forward."
At 8:21am: (LON:XTR) share price was -0.22p at 0.19p
Story provided by StockMarketWire.com
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