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Keras Resources PLC - London-based mineral resource company - Raises GBP1 million through the placing and subscription of 869.6 million shares at a price of 0.115 pence per share. Says directors Brian Moritz and Russell Lamming have conditionally agreed to subscribe for 17.4 million and 26.1 million shares respectively, with the latter issued to Lamming in lieu of part of his salary, on the same terms. Adds it has conditionally agreed to issue 48 million shares at the same price in settlement of amounts owing to advisors, with 600 million shares issued under existing share authorities. Notes the warrants, the remaining 269.6 million shares and the advisor shares require additional shareholder authorities.
"The funds being raised will enable the directors to explore opportunities to grow the company's current portfolio both through organic growth and by the potential introduction of new projects, as well as being used for general working capital purposes," says Keras Resources.
Current stock price: 0.12 pence, down 11% on Monday
Year-to-date change: up 13%
By Zoe Wickens; zoewickens@alliancenews.com
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