REG - Shefa Gems Ltd - Corrected Announcement: Loan Agreement

Shefa GemsAnnouncement

08/01/2020 15:00

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RNS Number : 1941Z
Shefa Gems Ltd
08 January 2020
 
B"H
8 January 2020
 
Shefa Gems Ltd.
 
("Shefa Gems" or the "Company")
 
CORRECTED ANNOUNCEMENT
 
Further to the announcement of 6 January 2020 (RNS Number: 7584Y) which
discloses the details of the loan agreement between Mr. David Ben David and
the Company. The announcement incorrectly stated that the loan will be
convertible at 0.05p per share. The correct conversion price for the loan is
£0.05 (5p). The corrected announcement is set out below.
 
Loan Agreement
 
The Board of Shefa Gems Ltd are pleased to announce that Mr David Ben David
who is the CFO of the company has agreed to invest $50,000 (approximately
£38,290) in a convertible loan stock in the company on the same terms as the
previous loan of $200,000 referred to in an announcement made on 5(th)
November 2019. This loan is in addition to a previous loan made by Mr David on
25 March 2019. The loan, together with rolled up interest, will be repayable
in 24 months but will be convertible at £0.05 (5p) per share at any time
during a period of 24 months from the date of issue. The Loan will be
non-transferable.
 
Following conversion, the Company will grant Mr David one unlisted warrant for
every share received on conversion, exercisable for a period of 24 months from
the date of the conversion, at a price of £0.10 per warrant. In the event
that the Company's share price during the period 24 months after conversion,
does not at any time reach £0.10 per share, Mr David will receive additional
shares after 24 months in such an amount as to make the total number of shares
issued to him have a value, based on the market price at that time, of
£76,580.
 
Michael Rosenberg, OBE, Chairman of Shefa Gems commented "we are delighted in
this investment which demonstrates the confidence that our CFO has in the
Company"
 
 
- Ends -
 
 
Enquiries
 
 Shefa Gems Ltd
 Michael Rosenberg, OBE - Chairman               +44 20 7938 4026
 www.shefagems.com (http://www.shefagems.com/)
 VSA Capital Limited - Financial Adviser
 Andrew Raca                                     +44 20 3005 5000
 SI Capital Limited - Broker
 Nick Emerson and Jon Levinson                   +44 20 3871 4038 / +44 1483 413500
 
Notes to Editors
 
About Shefa Gems Ltd
 
Shefa Gems Ltd (LSE: SEFA) is a multi-commodity explorer of precious stones
operating in Northern Israel. Exploration activity is managed by
professionally skilled and technically competent personnel and is accompanied
by an international team of geological experts with decades of proven
experience in their fields.
 
All exploration activities are conducted under international standards and
the internationally recognised SAMREC 2016 Code. Furthermore, its four (4)
permits, granted to it by the Commissioner of Mines at the Ministry of
Energy, Natural Resources Administration, Israel, extend over an area of
approximately 600,000 Dunam (60,000 hectares) that includes the Kishon River,
the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and
their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth range. The
Company upholds environmental values and protects the nature in the areas
where it operates, cooperating fully with all authorities.
 
Alongside its exploration activities, the Company is building on the launch of
the "Heaven on Earth" jewellery collection and developing the Company's "Mine
to Market" strategy to promote unique jewellery collections utilising Shefa
Gems' suite of precious gemstones.
 
The exclusive "Heaven on Earth" collection is now available to view online on
the website of the designer Yossi Harari
at: www.yossiharari.com/collections/heaven-on-earth
(https://www.yossiharari.com/collections/heaven-on-earth-1)
 
For further information please visit the website at www.shefagems.com
(http://www.shefagems.com/)
 
 
 
 
 
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