RE: Helloooooo3 Jul 2018 11:12
Alliance News18 December, 2017 | 9:18AM
As its summer season here ! with little news, how about looking back a bit !
LONDON (Alliance News) - Keras Resources PLC said on Monday that performance shares held in Calidus Resources Ltd are to be converted into ordinary shares after the latter announced inferred resources are to be switched to indicated resources at an Australian project.
Keras said its Performance A shares have been converted to 241.3 million ordinary shares of Calidus after the Warrawoona gold project, in Pilbara in Western Australia, passed 500,000 indicated ounces of gold.
Keras already held 217.0 million shares in the company, approximately 31% of Calidus, and following the performance share conversion it will hold 458.4 million shares.
The new holding will be held in escrow until June 2019, when Keras said it intends to distribute them to shareholders.
Additionally, the completion in the future of a pre-feasibility study will result in further Performance B shares being converted to ordinary shares, which would bring Keras' holding in Calidus to 723.8 million shares.
The total mineral resource at Warrawoona is now 10.5 million tonnes at a grade of 2.11 grammes of gold per tonne of ore, containing 712,000 ounces of gold.
Keras Director Dave Reeves said: "For Calidus to increase the resource base by 74% within six months of listing on the Australian Securities Exchange, as a result of targeted drilling underpins the unique attributes of the Warrawoona project, where outcropping gold mineralisation allows rapid and cost-effective ounces to be added to this rapidly expanding project."
Keras shares were down 6.3% early on Monday at 0.445 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.
Awaiting end of the month, outlying drill results for Calidus Resources !
GLA
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