Business
Closure of YA Global Position
Closure of YA Global Position.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3200P Keras Resources PLC 17 February 2016 \n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n17 February 2016\nKeras Resources plc ('Keras' or 'the Company')\nClosure of YA Global Position\n \nKeras Resources plc, the Australian gold development company, announces that the entire holding of 45,833,326 Ordinary Shares of 0.1p each ('Ordinary Shares') held by YA Global Master SPV Ltd ('YA Global') has been placed to a select group of shareholders. As a result of this, YA Global no longer holds any Ordinary Shares or subscription rights to equity in the Company. The shares were placed by Beaufort Securities Limited. \n \nAs part of the transaction, any outstanding liabilities owed to YA Global have been converted into a non-convertible loan of £265,000 payable in 12 months' times as a one-off payment (the \"Loan\"). The repayment of the Loan will be facilitated by cash flows generated through gold production at the Grants Patch Gold Tribute Project (\"Grants Patch\"), located 30km north of Kalgoorlie in the prospective Western Australian goldfields, The Company anticipates Grants Patch commencing production in Q2 2016. The Loan is unsecured and non-convertible. The number of Ordinary Shares in issue remains the same at 1,193,794,390.\n \n \n \n**ENDS**\n \nFor further information visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following: \n \n\n\n\n\nDave Reeves\n\n\nKeras Resources plc\n\n\[email protected]\n+44 (0)20 7220 0500\n\n\n\n\nNominated Adviser\n\n\n \n\n\n \n\n\n\n\nWilliam Vandyk/David Hignell\n\n\nNorthland Capital Partners Limited\n\n\n+44 (0) 20 7382 1100\n\n\n\n\nBroker \n\n\n\n\nElliot Hance/Jonathon Belliss\n\n\nBeaufort Securities Limited\n\n\n+44(0)20 7382 8415\n\n\n\n\nFinancial PR\n\n\n \n\n\n \n\n\n\n\nFelicity Winkles/ Elisabeth Cowell\n\n\nSt Brides Partners Limited\n\n\n+44 (0) 20 7236 1177\n\n\n\n\n \n \nNotes\nKeras Resources plc is an AIM quoted, resource development company. The Company is focussed on advancing lowest quartile, low capex deposits which benefit from proximal established infrastructure up the development curve and into production. Keras plans to commence production at its Australian Gold Project, the Grants Pa...