Keras Resources PLC Placing to raise £600,000 (1418V)
January 26 2017 - 1:00AM
UK Regulatory
TIDMKRS
RNS Number : 1418V
Keras Resources PLC
26 January 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
26 January 2017
Keras Resources plc ('Keras' or 'the Company')
Placing to raise GBP600,000
Keras Resources plc, the Australian gold mining company, is
pleased to announce that it has raised GBP600,000 (before expenses)
through the placing of 171,428,571 ordinary shares of 0.1p each
('Ordinary Shares') at a placing price of 0.35p per Ordinary Share
(the 'Placing Shares') to new and existing shareholders (the
'Placing'). The Placing Shares represent approximately 10.6% of the
Company's issued share capital as enlarged by the Placing.
Proceeds of the Placing will support ongoing exploration and
development works at the Company's 100% owned, flagship Klondyke
Gold Project ('Klondyke' or the 'Project') in the East Pilbara
District of Western Australia, which has a current resource
estimate of 5.6Mt at 2.08g/t Au for 374,000oz with significant
further upside potential indicated. Funds will also be used to
retire 12-month loan notes secured in February 2016 (see
announcement dated 1 February 2016 for further detail) and for
general working capital purposes as the Company continues to
finalise plans for a potential listing on the Australian Stock
Exchange ('ASX'). Further details regarding the Company's proposed
ASX listing will be provided in due course.
Keras Managing Director Dave Reeves said, "We are finalising
plans for a potential listing on the ASX, which will support our
current London listing whilst reflecting our growing operational
presence in Australia as we continue to advance our flagship
Klondyke Gold Project and regional asset portfolio. The funds
raised will enable the Company to retire some short term debt and
ensure the continued advancement of Keras' growth plans and I would
like to thank investors for their support. We are excited about the
opportunities ahead and look forward to updating the market on
future developments; the current environment for gold is positive
and investor appetite for projects such as ours appears evident.
Alongside this, we remain confident that our Nayega Manganese
Project in Togo, West Africa, could deliver significant upside and
remain optimistic of its development potential."
Details of the Placing
The gross proceeds of the Placing will be received in two
tranches:
-- GBP300,000 within five working days of the date of the transaction; and
-- GBP300,000 within ten working days of the date of the transaction.
Application has been made for admission of the 171,428,571
Placing Shares to trading on the AIM Market of the London Stock
Exchange ('Admission'). It is anticipated that Admission of the
first tranche of 85,714,285 shares will take place on 2 February
2017 and Admission of the second tranche of 85,714,286 shares will
take place on 9 February 2017. The Placing Shares will rank pari
passu with the existing Ordinary Shares, which are currently traded
on AIM.
Following Admission, there will be 1,619,398,194 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 1,619,398,194 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.
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
Notes
Keras Resources plc is AIM's only Australian gold mining
company. Keras has a portfolio of owner-operated gold interests and
cash generative joint venture gold projects. The Company's strategy
is focussed on advancing its owner-operator gold interests towards
production whilst concurrently identifying and assessing low risk,
high margin joint venture operations to enable continuing cash
flows. The Company benefits from an experienced management team,
which has extensive gold experience and is based in Perth, reducing
execution risk.
Gold Projects
Klondyke Project Area - 100% owned gold development project in
Western Australia
-- Current resource of 5.6Mt at 2.08g/t gold ('Au') for
374,000oz confined to just 2km of the main 7.5km shear strike
-- Right to mine contiguous Haoma tenements covering 650
hectares with excellent discovery potential
-- Active growth strategy - continue to assess additional
opportunities in the project area to add contiguous lease areas to
the critical mass that has been consolidated
Tribute Gold Projects
Keras has a portfolio of tribute mining agreements in the
Kalgoorlie Goldfield, Australia and is targeting 20,000-30,000oz
gold per annum from these assets.
Wider Portfolio
Keras is currently awaiting a mining permit for its Nayega
Manganese Project in Togo. Once received it will look to develop
the asset into a low-cost export mining operation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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