REG - Keras Resources PLC - Receipt of funds from the Republic of Togo

Keras ResourcesAnnouncement

04/07/2023 17:00

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RNS Number : 9636E  Keras Resources PLC  04 July 2023

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

 

4 July 2023

 

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

 

Receipt of funds from the Republic of Togo

 

Keras Resources plc (AIM: KRS) is pleased to announce receipt of the US$1.7m
cash consideration from the Republic of Togo in terms of the Agreement
announced on 18 May 2023.

Per the announcement of 3 July 2023 Keras has now made cash payments
of US$800,000, being part of the consideration for the acquisition of Falcon
Isle Resources LLC, Falcon Isle Holdings LLC ("Falcon Isle"), and
US$240,000 being a severance payment to the former CEO of Falcon Isle and as
such is no longer in default of the agreement entered into on 30 March 2022
for the purchase of the outstanding 49% of equity in Falcon Isle Resources LLC
and Falcon Isle Holdings LLC. The Company intends to finalise and release its
audited Annual Report and Accounts for the year ended 31 December 2022 (the
"Annual Report") as soon as is practicable.

Graham Stacey, CEO of Keras, commented, "We are very pleased with this outcome
and can now hastily move towards finalising and releasing our audited accounts
and thereafter focus on our primary business of building value for
shareholders through the development of the high grade Diamond Creek organic
phosphate mine in Utah which will be underpinned by the cashflows generated
from our agreement with the Republic of Togo.

For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of Graham Stacey,
Chief Executive Officer.  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
(http://www.kerasplc.com/) , follow us on Twitter @kerasplc or contact the
following:

 

 Graham Stacey                         Keras Resources plc             info@kerasplc.com (mailto:info@kerasplc.com)

 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

 

Notes:

Keras Resources (AIM: KRS) wholly owns the Diamond Creek organic phosphate
mine in Utah, US. Diamond Creek is one of the highest-grade organic
phosphate deposits in the US and is a fully integrated mine to market
operation with in-house mining and processing facilities. The operation
produces a variety of organic phosphate products that can be tailored to
customer organic fertiliser requirements.

 

The Company is focused on continuing to build market share in the
fast-growing US organic fertiliser market and build Diamond Creek into the
premier organic phosphate producer in the US.

 

 

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