Business
Conversion of Additional Debt
Conversion of Additional Debt.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4204G Keras Resources PLC 26 May 2017 \n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n26 May 2017\nKeras Resources plc ('Keras' or 'the Company')\nConversion of Additional Debt\n \nKeras Resources plc, the AIM listed mineral resource company announces that following the approval of the resolution which renewed the authority of the Company's Directors to issues new shares at the General Meeting on 24 May 2017, the Company will settle creditors amounting to £769,384 (including £639,537 due to Directors) via the issue of 205,937,977 ordinary shares of 0.1p each (\"Ordinary Shares\") at a price of 0.3736p (the \"Conversion Price\"). \n \nThe amounts due to directors are set out below: \n \n\n\n\n\nDirector\n\n\nAmount Owed\n(£)\n\n\nDescription \n\n\n\n\nDave Reeves\n\n\n158,063\n\n\nAccrued director fees\n\n\n\n\nRussell Lamming\n\n\n53,333\n\n\nAccrued director fees\n\n\n\n\nPeter Hepburn-Brown\n\n\n36,051\n\n\nAccrued director fees\n\n\n\n\nDave Reeves\n\n\n392,090\n\n\nOutstanding loan and accrued interest\n\n\n\n\nTotal:\n\n\n639,537\n\n\n\n\n\n\n\n \nAs such, the Company intends to issue 171,182,274 Ordinary Shares to the Directors (the \"Directors Conversion Shares\"). \n \nIn addition the Company also intends to issue 34,755,703 Ordinary Shares at the Conversion Price to a current member of the Management Team and former director in lieu of accrued salary and director fee payments following the AGM (the \"Management Conversion Shares\"). \n \nThe Conversion Price represents the Company's 30 day VWAP up to and including 25 May 2017.\n \nRelated Party Transactions\nThe issue of Directors Conversion Shares constitutes a related party transaction in accordance with AIM Rule 13. Mr Brian Moritz, the Company's Chairman, is considered to be an independent director for the purposes of AIM Rule 13. As such, the Company's independent director considers after consultation with the Company's Nominated Adviser, that the terms of the issue of the Directors Conversion Shares are fair and reasonable, in so far as its shareholders are concerned.\n \nApplication for Admission to Trading on AIM\nApplication has been made for the admission of the Directors Conversion Shares and the Management Conversion Shares to trading on the AIM Market of the Londo...