Ann: Legal Update on Singapore High Court Action, page-30

20th Oct

Xstate Resources Limited (ASX: XST) (“Xstate” or “the Company”) has successfully completed a placement to sophisticated investors raising $752,378 (before costs). Xstate will issue 62,698,179 fully paid shares at $0.012 cents per share. The placing price represents a 17% discount to the Volume Weighted Average Price over the 5 trading days prior to completion of the placing (1.44 cents per share). The placement was made pursuant to Section 708 of the Corporations Act and Rule 7.1 (18,908 shares) and Rule 7.1A ( 62,679,271 shares) of the ASX Listing Rules.