There was also knock the ball out of the park good news from Xtract Resources (XTR) as it announced a £1m fundraise, at ostensibly very favourable terms.

The facility can be drawn in stages, or not at all, and is not only unsecured but also free of interest. The company stated that the nature of the financing meant that dilution to shareholders would be minimal. However, the share price remained down – some 11%, as the stock did not have time to readjust after recent persistent bear attacks on the company, and in the run-up to funding news.

Colin Bird, Executive Chairman said : "The ongoing effects of COVID-19 are still unknown. At a personal level it is affecting the health of millions and the personal finances of families worldwide. At a country level no government is coming out of the crisis well and most are now heavily indebted. At the corporate level it has reminded us that the unknown risk is around the corner and it is against this background that the Board has decided to put in place the Facility. The Facility enables the Company to drawdown up to £1 million over the next 12 months in a staged manner with fixed conversion prices at approximately 20%, 35% and 50% premiums to the current share price. The Company is not obliged to make any drawdowns under the Facility, and drawdowns can be used at its discretion to fund the working capital requirements of the Company and its subsidiaries. The Facility arrangement fee will be settled in new Shares representing approximately 1.2 per cent. of the current issued share capital. As a shareholder I prefer to avoid dilution but as Chairman I know part of my role is to ensure that the Company has access to sufficient working capital to develop its projects and this is the reason the Company has undertaken earlier today an equity funding at a narrow discount to the market price and arranged this loan facility as security against prolonged difficult times". 

https://www.share-talk.com/colin-bird-executive-chairman-xtract-resources-plc-xtr-l-interview/