1st Jun 2021 21:48
Shefa Gems Ltd - exploration and development company focused on mining projects in northern Israel - Agrees with a group of investors to distribute its current mining business to all of its existing shareholders via a dividend, undertake a share consolidation, raise new funds, change the name, make some changes to the board and change the company's focus of activity as a cash shell by seeking an acquisition in the web technology and software space.
Shefa Gems currently operates multiple exploration sites located across the Kishon River catchment area of Haifa and Mt Carmel in northern Israel.
The company intends to launch a subscription of new consolidated shares to raise USD1.1 million from the group of investors and other unrelated parties. Following the subscription, existing shareholders will be diluted by 85% and will hold 15% of the enlarged share capital of Shefa Gems. The group of investors, meanwhile, will hold no more than 70% of the enlarged capital. Funds raised will be used to close all of the company's outstanding financial liabilities.
Current stock price: 2.75 pence, up 22% on Tuesday
Year-to-date change: up 38%
By Evelina Grecenko; [email protected]
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