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XSTATE RESOURCES LIMITED — Capital/Financing Update 2017
Feb 20, 2017
66107_rns_2017-02-20_7f0a265e-19f4-4920-a0cd-848d5af2bfa9.pdf
Capital/Financing Update
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ABN 96 009 217 154
Electronic lodgement
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21 February 2017
ASX Limited
Subscription Agreements – Partial Funds Remitted
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Sanston has advised Xstate that the investors have remitted gross funds of approximately A$19.3m (US$14.5m) under their Unconditional Binding Subscription Agreements.
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Sanston has advised that whilst there continue to be further delays with the transfer of the balance of the subscription amount, additional funds are expected to be remitted in the coming weeks.
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Xstate advises the Vendor of the Los Angeles (“LA”) Basin assets understands these delays are beyond the Company’s control and has provided additional time under the Purchase and Sales Agreement (“PSA”) for Xstate to meet financial close.
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As previously announced, Xstate had entered into Binding Subscription Agreements A$25m at 3.8 cents per share to fund the Company’s Los Angeles Basin acquisition.
Xstate Resources Limited (ASX:XST) (“Xstate” or “the Company”) provides an update in relation to the Subscription Agreements funding announced on 19 December 2016.
The Company advises it is in possession of international banking transfer confirmations of funds totaling approximately A$19.3m (US$14.5m) from the investors representing 77% of their total commitments under the Unconditional Binding Subscription Agreements as at February 20, 2017.
Xstate is pleased to advise the vendor has provided the Company with additional time to acquire its working interest in the LA Basin assets.
The Company will keep the market fully informed of any further changes.
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