Proactive Investors - Run By Investors For Investors

Xtract Resources rejigs terms of SEDA loan

Xtract has modified the terms of a loan with YA Global Masetr from 2013
Xtract Resources rejigs terms of SEDA loan
Xtract said the new agreement would make the debt more manageable

Xtract Resources PLC (LON:XTR) has agreed a re-jig of the terms of a SEDA backed loan from 2013.

The arrangement is with YA II EQ, Ltd, formerly known as YA Global Master, which it owes around US$1.51 million.

In October 2016, Xtract  and the investor agreed to schedule outstanding payments before interest due at US$0.10 million per month in 2016 and US$0.21 million per month in 2017, with a final repayment due on August this year.

This has now been modified so Xtract will pay US$0.12mln in cash to YA and instead of paying  US$0.35 million will issue around 1.5bn company shares.

Now the outstanding debt is  US$1.04 million, US$0.52mln of which will be satisfied by nine monthly cash payments beginning on  July 1 at US$0.06 million per month for 2017, and on average US$0.06 million per month for 2018, and ending on March 1 2018.

The remaining US$0.52mln will be paid on April 1 2018, plus any accrued and unpaid interest.

YA Global may at any time under this supplemental agreement, convert all or any of the amount outstanding into new Xtract shares, the firm noted.

View full XTR profile View Profile

Xtract Resources PLC Timeline

Related Articles

February 24 2017
Paul Donaldson discussed with investors the Tier 1 Colluli Potash Project.
Colin Bird
August 29 2017
Xtract Resources is on the cusp of significant cashflow, generated by alluvial gold production from Mozambique
Tyranna Resources' Bruno Seneque discussed pending gold assays at Proactive's CEO Sessions
July 27 2017
Bruno Seneque talked gold discovery streak at Proactive's CEO Sessions.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use