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XSTATE RESOURCES LIMITED — Capital/Financing Update 2017
Mar 27, 2017
66107_rns_2017-03-27_573907d9-5d93-4f43-9ff3-842a6e6e47d3.pdf
Capital/Financing Update
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ABN 96 009 217 154
Electronic lodgement
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28 March 2017
ASX Limited
Subscription Agreements and LA Basin Acquisition Update
Xstate Resources Limited (ASX: XST) (“Xstate” or “the Company”) provides the following update in relation to the Subscripion Agreements and the Los Angeles Basin assets acquisition.
The board of Xstate Resources advises that, despite numerous bank documents evidencing the transfer of funds to Australia, to date no funds have been received from the subscribers to the company’s $25 million capital raising.
The Company is in constant dialogue with investors who have assured Xstate of their intnetions to meet their financial obligations under the Subscription Agreements. A substantial portion of the funds are being dedicated to the acquisition of a working interest in two oil fields located in the Los Angeles Basin.
The Board understands the frustrations this is causing existing shareholders however, we are awaiting final funds transfers which, while delayed, are expected imminently and the vendor has agreed to extend while the transfer of funds are being finalised out of Indonesia.
The Company will provide shareholders and the market with further updates as and when they become material.
For and on behalf of the Board of Xstate Resources Limited
For further details please contact:
Cosimo Damiano David McArthur Managing Director Non Executive Director/Company Secretary Xstate Resources Limited Xstate Resources Limited Tel Office: +61 8 9423 3200 Tel Office: +61 8 9423 3200 Email: [email protected] Email: [email protected]
About Xstate Resources Limited
Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has existing gas exploration assets located in the Sacramento Basin, California and minor associated gas production.
Level 2, 55 Carrington Street, Nedlands WA 6009 | Tel + 61 8 9423 3200 | Fax +61 8 9389 8327 www.xstate.com.au