Keras Resources PLC Oversubscribed Placing to Support ASX Listing (4562C)
April 18 2017 - 2:00AM
UK Regulatory
TIDMKRS
RNS Number : 4562C
Keras Resources PLC
18 April 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
18 April 2017
Keras Resources plc ("Keras" or "the Company")
Oversubscribed Placing Raises A$620,000 to Support ASX
Listing
Keras Resources plc is pleased to announce that Pharmanet Group
Limited ("Pharmanet") (ASX: PNO), the ASX listed company which the
Company will reverse its wholly owned gold subsidiary, Keras (Gold)
Australia Pty Ltd ("Keras Australia") into, has successfully raised
A$620,000 (before expenses) from sophisticated investors in
Australia (the "Placing").
The Proceeds of the Placing will support the planned listing of
Keras' Australian gold assets on the Australian Securities Exchange
("ASX"), as previously announced on 21 March 2017.
It is anticipated that Pharmanet, which is currently suspended
from trading subject to completion of the proposed acquisition,
will relist on the ASX as Calidus Resources Limited in Q2 2017.
Keras Managing Director Dave Reeves said, "We made the strategic
decision to list our Australian subsidiary on the ASX having
identified significant interest from investors in-country looking
to gain exposure to our highly prospective Australian gold assets.
We are delighted to report that initial interest has proven to be
extremely strong, with this placement comfortably raising the
A$620,000 that was sought and being heavily oversubscribed. This
gives us good indications for the support that can be expected for
the larger capital raising to be undertaken as part of the proposed
ASX listing. Crucially, the funds from the main listing will be
used to support the rapid advancement of the gold assets, including
a major drilling and exploration programme, and Scoping Studies at
the Warrawoona Gold Project. The funds from the larger capital
raise will also repay Keras' Acquisition Finance Facility,
significantly strengthening our balance sheet."
"Following the completion of the listing, Keras will be the
major shareholder with commensurate board representation. This
ensures we maintain significant strategic exposure to the assets,
which will then be well funded to take the project forward whilst
strengthening our balance sheet. Furthermore, with our Australian
gold assets in a standalone listed entity, we believe
Pharmanet/Calidus will have the requisite structure, resources and
funding access to rapidly advance these assets to the benefit of
all the Company's shareholders."
"Alongside our Australian interests, we have an 85% interest in
the Nayega Manganese Project in Togo and have recently submitted
applications for five exploration licences in West Africa that
cover previously discovered, highly sought after cobalt and nickel
mineralisation. We are confident these projects offer further
upside opportunity to our investors and look forward to keeping the
market updated with developments relating to our African portfolio
and finalising the acquisition with Pharmanet/Calidus in the near
term."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Dave Reeves Keras Resources plc dave@kerasplc.com
Nominated Adviser
Gerry Beaney/David Hignell Northland Capital Partners Limited +44 (0) 20 3861 6625
Broker
Elliot Hance/Jonathon Belliss Beaufort Securities Limited +44 (0) 20 7382 8415
Financial PR
Susie Geliher/Charlotte Page St Brides Partners Limited +44 (0) 20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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