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Xtract Resources draws US$2.4M in debt for Manica project bankable feasibility study

XtractResources Plc said May 10 that it drew down US$2.4 million from itsexisting facilitywith YA Global Master SPV Ltd. to fund the completion of the bankable feasibilitystudy at its Manica gold project in Mozambique.

The first tranche of approximately US$1.7 million be drawnthe same day, while a second US$750,000 tranche will be drawn July 1.

The company can draw down a further US$1.6 million from thefacility, according to the statement.