/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES./
SOUTH PERTH , WESTERN AUSTRALIA , Oct. 30 /CNW/ - Extract Resources Ltd ("Extract" or the "Company") (ASX /TSX: EXT) is pleased to announce that it has obtained a receipt in connection with the filing of a prospectus in each of the provinces of Canada other than Quebec . The prospectus qualifies for distribution of 5,200,000 ordinary shares ("Ordinary Shares") of the Company issuable upon the automatic exercise of 5,200,000 previously issued special warrants (the "Special Warrants"). The automatic exercise of the Special Warrants is expected to occur at 5:00 p.m. ( Toronto time) on November 3, 2009 , being the third business day after the issuance of the receipt for the prospectus.
As previously announced, the Special Warrants were issued by way of private placement on September 15, 2009 at a price of A$7.75 per Special Warrant, resulting in gross proceeds of A$40.3 million. Each Special Warrant will be automatically exercised to acquire, for no additional consideration, one Ordinary Share of the Company.
Extract Resources is an Australian-based uranium exploration company whose primary focus is in Namibia . The Company's principal asset is its 100% owned Husab Uranium Project which contains two known uranium deposit areas, Rossing South and Ida Dome .
This press release is not an offer to sell, or a solicitation of an offer to buy, any securities. The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an exemption from, or in transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.
Certain statements in this press release constitute "forward looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, estimates and projections as of the date of this press release. These statements are subject to risks and uncertainties. The Company has no intention to update this forward looking information, except as required by applicable securities law. This forward looking information should not be relied upon as representing the views as of the Company at any date subsequent to the date of this press release. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.
For further information: For further information: Rance Dorrington, Company Secretary, Tel +61 (08) 9367 2111