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Xstate Resources to lift funds following legal stoush

The halt will remain in place until Friday 20th October 2017.
Xstate Resources to lift funds following legal stoush
The company's shares are in pre-open

Xstate Resources Ltd (ASX:XST) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Earlier in the month, the company provided an update in relation to its Supreme Court action against Tanzil Hidayat, Chloe Kowk Yun Qing, Hong Hung Thiam and Kevin Lim Gunawan seeking damages for the non‐payment of A$25 million in subscription funds.

Recently the defendants had requested an additional four weeks to file any affidavits in response to the summary judgment application.

The Court agreed the extension but said no more would be granted.

The halt will remain in place until the opening of trade on Friday 20th October 2017, or earlier if an announcement is made to the market.

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Xstate Resources Ltd Timeline

February 15 2017
August 31 2015

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