Scandoil  

Xtract Resources signs Royalty Buy Back agreement on Julia Creek Tenements


Published Dec 20, 2013
Xtract Resources

Xtract has signed a Royalty Buyback Option exercised by Global Oil Shale Group Plc (GOS Group).

Key Points

◾ GOS Group has exercised its option to buy back the 1% net smelter royalty as stipulated in the Royalty Agreement between GOS Australia and Xtract dated 16 December 2012 ◾ The buy back price is time related and exercise at this time values the option at ◾ AUD 1,000,000 ◾ The option exercise provides Xtract with a further ordinary share allotment in GOS Group of 1,371,365 shares at a current GOS Group share price of 40p, a significant increase from the 11p share price at the original transaction date ◾ GOS Group has undertaken to issue the Royalty Shares to Xtract within 7 days of the day of the signed agreement ◾ On the issue of the shares the Royalty shall be extinguished ◾ Xtract will hold 7,371,365 shares in GOS Group, with an additional 1.5 million to be issued if, as is intended, GOS Group lists on a recognised Stock Exchange ◾ The issue of the Royalty Shares will result in Xtract holding 7.6% of the current issued share capital of the GOS Group

Tags: Xtract Resources




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml