13th May 2019 13:54
LONDON (Alliance News) - Shefa Yamim ATM on Monday said it raised GBP1.0 million via placing and subscription of shares.
The company, focused on exploration and development of multi-gemstone projects in northern Israel, issued 25 million shares at 4 pence each.
The placing shares represent 14.9% of the company's enlarged share capital, which will amount to 167.4 million shares following admission, expected on May 20.
Shefa Yamim shares were untraded at 7.50 pence each on Monday afternoon.
The company will issue one warrant, exercisable at 8p, to subscribe for one new share for each share taken up in the placing. The warrant will be exercisable within 24 months from admission.
Shefa Yamim Founder & Chief Executive Officer Avi Taub said: "The level of demand from specialist institutional investors and High Net Worth investors is a strong endorsement of the Kishon Mid-Reach Zone 1 project at a vital stage of its development."
"The funds will enable us to unlock the true potential of this globally unique multi-gemstone opportunity, and rapidly develop our low-cost mining operations in the Kishon Mid-Reach Zone 1 region," Taub added.
Related Shares:
Shefa Gems