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Market Cap: £2.37m

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Shefa Yamim Raises GBP250,000 Via Share Subscription (ALLISS)

Wed, 31st Oct 2018 12:56

LONDON (Alliance News) - Shefa Yamim ATM said Wednesday it raised GBP250,000 via a share subscription by new and existing investors.

The mining company issued 312,500 shares at 80 pence each. Shefa Yamim shares were trading down 14% at 80.0p.

Pursuant to the subscription, the company will issue one warrant to subscribe for one new share for every subscription share subscribed for, with an exercise price of 100p, exercisable within 18 months from admission.

The company said it will use the proceeds of the subscription to advance its project in Zone 1 of the Kishon Mid-Reach Area, in Israel, towards trial mining, make progress with bulk sampling in Zone 2 of the Kishon Mid-Reach Area and for working capital purposes.

Admission of the shares to trading is expected on November 6, following which the company will have 14.2 million shares in issue.