Keras Resources PLC £530,000 Placing & appointment of Joint Brokers (1597D)
April 24 2017 - 10:15AM
UK Regulatory
TIDMKRS
RNS Number : 1597D
Keras Resources PLC
24 April 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
24 April 2017
Keras Resources plc ("Keras" or "the Company")
Placing Raises GBP530,000 and SVS and Shard appointed as Joint
Brokers
Keras Resources plc is pleased to announce that it has raised
GBP530,000 (before expenses) from new and existing shareholders
through the placing of 151,428,560 ordinary shares of 0.1p each
('Ordinary Shares') at a placing price of 0.35p per Ordinary Share
(the 'Placing Shares') and the grant of 75,714,280 warrants to
subscribe for new Ordinary Shares (the 'Placing Warrants')
(together the 'Placing'). The Placing Warrants are exercisable at
price of 0.5p per warrant, within a 2-year exercise period and the
Placing Warrants are conditional on passing of the shareholder
resolutions at a forthcoming General Meeting.
The net 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,
commence cobalt exploration in West Africa upon the award of the
licence, initiate a review of the feasibility study for the
Company's Nayega manganese project in Togo and provide ongoing
working capital for the Company. Further details regarding the
proposed listing of the Company's gold assets on the ASX, along
with the Notice of the forthcoming General Meeting, will be
announced in due course.
As previously announced, the Company plans to settle additional
outstanding liabilities to certain Directors and members of the
management team via the issue of additional Ordinary Shares
following the forthcoming General Meeting, assuming the passage of
Resolutions to increase the Company's share authorities. The
proposed conversion of the Directors liabilities into Ordinary
Shares reconfirms the Board's support for the Company's growth
strategy as Keras embarks on a transitional period with the listing
of the Company's gold assets on the ASX. Further announcements will
be made as appropriate.
In addition, a total of GBP15,000 owed to professional advisers
is being settled via the issue of 4,285,714 Ordinary Shares in the
Company (the 'New Ordinary Shares') at a price of 0.35p per New
Ordinary Share.
Keras Managing Director Dave Reeves said, "Following the
positive reaction received in Australia towards the proposed
listing of our Australian gold assets on the ASX, as highlighted
through Pharmanet Group Limited raising an initial A$620,000
through an oversubscribed placing, we are pleased to have received
similar support from investors in the UK. This GBP530,000 Placing
will support the continued progression of the ASX listing, which we
believe offers a significant and highly strategic opportunity
through which we can better realise the potential value of our
Australian gold assets."
Details of the Placing
Application has been made for admission of the 151,428,560
Placing Shares and the 4,285,714 New Ordinary Shares to trading on
the AIM Market of the London Stock Exchange ('Admission'). It is
anticipated that Admission will take place on 2 May 2017. The
Placing Shares will rank pari passu with the existing Ordinary
Shares, which are currently traded on AIM.
Following Admission, there will be 1,874,923,295 Ordinary Shares
in issue with each share carrying the right to one vote. There are
no shares currently held in treasury. The total number of voting
rights in the Company will therefore be 1,874,923,295 and this
figure may be used by shareholders as the denominator for the
calculations by which they determine if they are required to notify
their interest in, or a change to their interest in, the Company
under the Financial Conduct Authority's Disclosure Rules and
Transparency Rules.
Appointment of Brokers
The Company has agreed to appoint SVS Securities Plc and Shard
Capital Partners LLP as the Company's Joint Brokers. These
appointments will become effective on completion of the three month
notice period which has been served to the Company's current
Broker.
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
Brokers
Elliot Hance/Jon Belliss Beaufort Securities Limited +44 (0) 20 7382 8415
Damon Heath/Erik Woolgar Shard Capital Partners LLP +44 (0) 20 7186 9952
Tom Curran/Ben Tadd SVS Securities Plc +44 (0) 203 700 0093
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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