Keras Resources PLC Oversubscribed Broker Option Placing (9163J)

TIDMKRS

RNS Number : 9163J

Keras Resources PLC

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 GBP750,000 (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 
                         GBP750,000 
 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 , follow us on Twitter @kerasplc or contact the following:

 
 Russell Lamming                Keras Resources plc           annabel@kerasplc.com 
  Annabel Redford 
 Nominated Adviser & Joint 
  Broker 
  Ewan Leggat / Charlie         SP Angel Corporate Finance    +44 (0) 20 3470 
  Bouverat                       LLP                           0470 
  Joint Broker                   Shard Capital Partners        +44 (0) 207 186 
  Damon Heath / Erik Woolgar     LLP                           9900

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