Xtract Resources - XTR Stream Log

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RNS:Agreement: The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that it has today entered into a subscription agreement with YA II EQ, Ltd. (the "Investor") for a subscription for new ordinary shares in the Company for £980,000 in cash. In addition, the Company has entered into an equity swap agreement with the Investor for a payment by the Company of £870,000, which will entitle the Company to twelve monthly settlement payments of £72,500, subject to an agreed adjustment. The proceeds of the subscription (net of expenses and the swap payment), together with monthly proceeds pursuant to the equity swap agreement, will be used by the Company for additional working capital.

SP Angel's note out this morning... "Excluding the post-acquisition expenditure on the feasibility study, Xtract is realising 40% on its investment in Manica in less than a year. It appears that management considered that harvesting a profit now was a better solution than seeking to raise the US$35m of capital to develop the mine and that the funds can be better employed on the less risky development of its Manica mine in Chile..."

Read Beaufort Securities's note on XTRACT RESOURCES PLC (XTR), out this morning, by visiting Research Tree "Management cited substantial dilution and additional debt has the main reasons not to proceed with the development of the Manica Gold project. The estimated initial capital expenditure was US$38m plus an additional US$14m for underground development. To this end, the required capital could have resulted in significant dilution to the current market capitalisation. The sale of Manica, at a 40% return on the initial investment, allows Xtract to focus on its producing Chepica mine in Chile while firming up its balance sheet. We understand that the company is also evaluating other potential high return projects. We look forward to more information regarding the company's strategy as well as updates on operational activity at..." It's free to access

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another bad day on the cards

any link tothe article

how does the delayed share thing work?

just another rollercoaster day on xtr a daytaders wet dream

I too have been using my research probe, and find it is good.