Business
Receipt of funds from the Republic of Togo
Receipt of funds from the Republic of Togo.
About this update from Keras Resources Plc
[{"type":"text","content":"\n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n \n4 July 2023\n \nKeras Resources plc ('Keras' or the 'Company')\n \nReceipt of funds from the Republic of Togo\n \nKeras Resources plc (AIM: KRS) is pleased to announce receipt of the US$1.7m cash consideration from the Republic of Togo in terms of the Agreement announced on 18 May 2023.\nPer the announcement of 3 July 2023 Keras has now made cash payments of US$800,000, being part of the consideration for the acquisition of Falcon Isle Resources LLC, Falcon Isle Holdings LLC (\"Falcon Isle\"), and US$240,000 being a severance payment to the former CEO of Falcon Isle and as such is no longer in default of the agreement entered into on 30 March 2022 for the purchase of the outstanding 49% of equity in Falcon Isle Resources LLC and Falcon Isle Holdings LLC. The Company intends to finalise and release its audited Annual Report and Accounts for the year ended 31 December 2022 (the \"Annual Report\") as soon as is practicable.\nGraham Stacey, CEO of Keras, commented, \"We are very pleased with this outcome and can now hastily move towards finalising and releasing our audited accounts and thereafter focus on our primary business of building value for shareholders through the development of the high grade Diamond Creek organic phosphate mine in Utah which will be underpinned by the cashflows generated from our agreement with the Republic of Togo.\nFor the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Graham Stacey, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.\n \n**ENDS**\n \nFor further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:\n \n\n\n\nGraham Stacey\n \n\n\nKeras Resources plc\n\n\[email protected]\n \n\n\n\n\nNominated Adviser & Joint Broker\nEwan Leggat / Charlie Bouverat\n \nJoint Broker\nDamon Heath / Erik Woolgar\n \n\n\nSP Angel Corporate Finance LLP\n \n \nShard Capital Partners LLP\n \n\n\n+44 (0) 20 3470 0470\n \n \n+44 (0) 207 186 9900\n \n\n\n\n \nNotes:\nKeras Resource...