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Xtract Resources PLC signs acquisition agreement for Chepica Gold and Copper Mine in Chile; agrees on financing package


Thursday, 12 Dec 2013 10:04am EST 

Xtract Resources PLC:Says it signed the Acquisition Agreement with Polar Star Mining Corporation to acquire the entire issued share capital of its wholly owned subsidiary, Polar Mining (Barbados) Limited, which is the parent company of a Chilean incorporated entity with a 15 pct direct interest.Says the Agreement has an earn in option to acquire the remaining 85 pct interest in the Chepica gold and copper mine near Talca, Chile.Says the consideration for the Acquisition will be 1,250,000 pounds, which shall be satisfied by the allotment and issue of 500,000,000 ordinary shares of 0.01 pence each credited as fully paid at a price of 0.25 pence per Ordinary Share.Says the mine target mill capability is 10,500 oz gold equivalent per annum at a production cost of $700/oz.Says the mine is in operation and is to date breaking even with positive cash flow targeted from Apr. 2014.Says the Acquisition Agreement takes to 100 pct the ownership of the Group in the Mejillones Phosphate property in Chile, replacing the staged earn-in as announced on July 10.Says a financing package has been agreed with YA Global Master SPV, Ltd, which is advised by Yorkville Advisors LLC and consists of debt and equity.Says $300,000 in cash (gross of fees) is immediately available to the company and about 1,000,000 pounds will be available to the company upon, and subject to, shareholder approval of the proposed waiver of Rule 9 of the Takeover Code. 

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