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Xtract Resources gets approval for Manica deal

Terms of the deal have also been amended with US$3mln cash to be paid to vendor Auroch by 1 March
Xtract Resources gets approval for Manica deal
Manica is the next step in Xtract's transformation

Xtract Resources (LON:XTR) has received government approval to acquire the Manica gold project in Mozambique.

Terms of the deal have also been amended with US$3mln cash to be paid to vendor Auroch by 1 March and more of the consideration to be settled shares.

Completion is now scheduled by 31 March.

Jan Nelson, Xtract’s chief executive, said Manica was the next step in Xtract's transformation from a small-scale miner to mid-tier gold producer.

“We have revised the terms of the agreement to issue slightly more shares to Auroch, which we believe does not represent material further dilution in order to optimize cash flow and capital flexibility following completion.”

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September 30 2016
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