3rd Aug 2020 12:52
Keras Resources PLC - mine development in US and Africa - Calls shareholder meeting for August 24 to vote on its agreement to buy 51% of Falcon Isle Holdings LLC, the 100% owner of the Diamond Creek phosphate mine in the US state of Utah. Keras will pay a nominal consideration but will provide Falcon Isle with a USD2.5 million loan, which will be repaid from the project's cash flow. To fund this, Keras has placed 1.44 billion new shares at 0.12 pence. Chief Executive Russell Lamming and Non-Executive Director will convert loans of USD350,000 each already provided to Falcon Isle into Keras shares as part of the placing.
Current stock price: 0.12p
Year-to-date change: down 33%
By Tom Waite; [email protected]
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