SOUTH PERTH, Western Australia, June 13 /CNW/ - Extract Resources
("Extract" or "the Company"), (TSX / ASX :EXT), a Uranium exploration company
with projects in Namibia, Africa, today announced that a placement to
institutional investors has been committed to raise a total of A$30.5M from
the issue of 27.75M fully paid ordinary shares at a price of A$1.10 per share.
The placement has been facilitated jointly through BBY Limited and
Patersons Securities in Australia and Haywood Securities in the UK.
Funds from the placement will enable the acceleration of the exploration
and development activities in Namibia and are expected to be sufficient to
move to Definitive Feasibility Study phases for both the Ida Dome and Rossing
South projects, once initial resource estimates are generated.
Peter McIntyre, Managing Director of Extract Resources, said today "We
are delighted to welcome some new high quality institutional investors to our
register." Mr McIntyre further added, "The Company continues to develop the
potential of its projects and has now secured sufficient funding to further
advance them. I anticipate that the next 6 to 12 months will be a period of
significant expansion in our resource potential."
Extract Resources is an Australian-based uranium exploration company
whose primary focus is in the African nation of Namibia. The Company's
principal asset is its 100%-owned Husab Uranium Project which contains three
main prospect areas and numerous targets: Ida Dome; Hildenhof; and Rossing
South. Rossing South represents the first new discovery in this area with
significant potential. Extract is listed on the ASX and the TSX under the
ticker symbol "EXT". For more information on Extract visit
This press release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond Extract's ability to control or predict which could cause actual events
or results to differ materially from those anticipated in such forward-looking
statements. Such risks and uncertainties include, but are not limited to the
risk that the private placement will not close, the risk that the proceeds
will not be sufficient to move the projects ahead as described above and the
general risks of the mining industry. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's estimates
or opinions should change except as required by applicable securities laws.
For further information:
For further information: Joanna Longo, The Equicom Group, (416) 815-0700
ext. 233, firstname.lastname@example.org; Richard Henning, Investor Relations,