Last checked at 28 Feb 2023 17:41
Kazera Global Plc ("Kazera" or the "Company")
Delay of Results & Trading Update
Kazera Global plc, the AIM-quoted investment company, announces that it will not be able to publish its Annual Report & Accounts for the year ended 30 June 2022 (the "Results") by the end of February 2023. Trading in the Company's shares will continue to be suspended on AIM until the publication of the Results in accordance with Rule 19 of the AIM Rules for Companies. The Company has submitted final accounts to its auditors, which is currently conducting its review process that it hopes to conclude before the middle of March 2023.
Further to the RNSs dated 20 December 2022 and 9 January 2023 regarding the sale of Kazera's interest in 100% of the shares in African Tantalum to Hebei Xinjian Construction ("Xinjian"), the Company has now received an aggregate of US$2,225,034.51 from Xinjian.
Operationally, the Company continues to make progress, with both its Heavy Mineral Sands (HMS) and Diamond operations now in production. The Company has also placed an order for the manufacture of equipment to undertake the separation of HMS at its Alexander Bay site. The equipment, on which the Company has made a substantial downpayment and has sufficient funds to complete the purchase, is expected to be delivered in approximately four months and, once installed, will allow the Company to sell Ilmenite and Garnet. Accordingly, the Company is in discussions with several prospective purchasers for these products, whilst it continues to stockpile large volumes of HMS, whilst also separating out diamonds.
Finally, the Company can confirm that it has paid off all outstanding debt to the former Directors and loan providers and now sits in a healthy net cash position.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
For further information on the Company, visit: www.kazeraglobal.com
Kazera Global plc Dennis Edmonds (CEO) | |
finnCap (Nominated Adviser & Broker) Christopher Raggett / Fergus Sullivan (Corporate Finance) | Tel: +44 (0)207 220 0500 |
St Brides Partners (Financial PR) Paul Dulieu / Isabel de Salis / Will Turner | kazera@stbridespartners.co.uk |
Tel: +44 (0) 20 7236 1177 |
**ENDS**
About Kazera Global
Kazera is a global investment company focused on developing early-stage assets towards meaningful cashflow and production in the resource sector. Its current assets include a diamond mine and heavy mineral sands production in South Africa. The Company intends to leverage its unique board expertise, investment capability and operational proficiency, to facilitate exceptional cash generation and shareholder growth.