REG - Keras Resources PLC - Oversubscribed Broker Option Placing

Keras ResourcesAnnouncement

29/04/2022 14:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220429:nRSc9163Ja&default-theme=true

RNS Number : 9163J  Keras Resources PLC  29 April 2022

 
                               29 April 2022

 

Keras Resources plc ('Keras' or 'the Company')

 

 Oversubscribed Broker Option Placing

 

Keras Resources plc (AIM: KRS) is pleased to announce that further to the
Company's announcement released on 26 April 2022, the firm expressions of
interest from investors for the Broker Option Shares has exceeded the 625
million Broker Option Shares that are potentially available for investors to
purchase. Subject to shareholders approving the additional share issuing
authorities required for the Broker Option, the Company expects to raise gross
proceeds of £750,000 (before expenses) through the exercise of the Broker
Option by the Company's joint brokers, Shard Capital Partners LLP ('Shard')
and SP Angel Corporate Finance LLP ('SP Angel'). As announced previously, each
Broker Option Share will have an attached warrant to subscribe for 1 new
Ordinary Share at any time up to 31 May 2024, at an exercise price of 0.18p
per new Ordinary Share ('Warrants').

 

Russell Lamming, CEO of Keras, commented, "It is great news to have had
expressions of interest that exceed the number of shares available under the
Broker Option. I would like to thank all our shareholders and new investors
who indicated an interest in this offering. As outlined before, we are fully
committed to driving shareholder value through maximizing the potential of the
Diamond Creek asset, optimizing efficiencies and generating cash flows. We
look forward to taking the Company forward and ramping up operations from
here."

 

As detailed in the announcement  of 26 April 2022, further authorisation is
required to extend the share capital allocation and the Company will convene a
General Meeting to obtain additional share issuing authorities on 16 May
2022.  The new Ordinary Shares to be issued prior to the General Meeting are
being issued pro rata with the balance to be issued under the new authorities
to be obtained at the General Meeting.

 

The Company expects to make a further announcement on 3 May 2022, regarding
the Broker Option and the anticipated timetable for the completion of a
placing of the Broker Option Shares.

 

The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.

 

Definitions

 

 Broker Option         As per announcement made on 26 April 2022, up to 625,000,000 Broker Option
                       Shares were intended to be placed at 0.12p per share by the Company's joint
                       brokers, Shard Capital Partners LLP and SP Angel Corporate Finance LLP to
                       raise £750,000
 Broker Option Shares  New Ordinary Shares issued through a Broker Option
 Ordinary Shares       Ordinary shares of 0.01p each
 Warrants              Warrant to subscribe for 1 new Ordinary Share at any time up to 31 May 2024,
                       at an exercise price of 0.18p per new Ordinary Share

 

 

For further information please visit www.kerasplc.com
(http://www.kerasplc.com) , follow us on Twitter @kerasplc or contact the
following:

 

 Russell Lamming                       Keras Resources plc             annabel@kerasplc.com

 Annabel Redford

 Nominated Adviser & Joint Broker      SP Angel Corporate Finance LLP  +44 (0) 20 3470 0470

 Ewan Leggat / Charlie Bouverat

 Joint Broker                          Shard Capital Partners LLP      +44 (0) 207 186 9900

 Damon Heath / Erik Woolgar

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCLKLFLLZLEBBX