By Sheri Kasprzak
New York, Dec. 22 - Extract Resources Ltd. said it has raised A$1.5 million from a private placement of convertible notes.
The 10% notes mature in 15 months and are convertible into common shares at A$0.034 each.
Proceeds will be used for exploration.
Based in Applecross, Western Australia, Extract is a mineral exploration company.
| Issuer: | Extract Resources Ltd.
|
| Issue: | Convertible notes
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| Amount: | A$1.5 million
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| Maturity: | 15 months
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| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | A$0.034
|
| Warrants: | No
|
| Settlement date: | Dec. 22
|
| Stock price: | A$0.032 at close Dec. 22
|
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