Keras Resources PLC - mine developer focused on West Africa and the US - Confirms receipt of USD1.7 million cash consideration from the Republic of Togo, after dropping the Nayega manganese project in Togo to focus on targeting the organic fertiliser market in North America in mid-May.
Also notes, as per announcement in early July, Keras has now made cash payments of USD800,000. This is part of the consideration for the acquisition of Falcon Isle Resources LLC and Falcon Isle Holdings LLC, alongside USD240,000 being a severance payment to the former chief executive of Falcon Isle. As a result, Keras is no longer in default of the agreement entered into on March 30 for the purchase of the outstanding 49% of equity in Falcon Isle Resources and Falcon Isle Holdings.
Current stock price: 4.15 pence
12-month change: down 38%
By Greg Rosenvinge, Alliance News reporter
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Keras Res (KRS)