Calidus Resources Update

RNS Number : 1038J

Keras Resources PLC

15 August 2019

 

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

15 August 2019

Keras Resources plc ('Keras' or the 'Company')

Calidus Resources Update

Keras Resources plc, the AIM listed mineral resource company, notes the announcement published today by Calidus Resources Limited (ASX:CAI) ('Calidus'), in which it currently holds a c.38.9% interest, regarding Calidus' recently completed AUD$9 million placement involving institutional shareholders. Keras did not participate in the placement. Following the allotment and commencement of trading of the new shares in Calidus on or around 20 August 2019, Keras will hold a c.33.8% interest in Calidus.

Highlights

·    Calidus successfully completes a AUD$9M placement to institutional investors

·    Strong support from new and existing institutional investors for the continued advancement of Calidus' flagship Warrawoona Gold Project

·    Existing Calidus shareholder Alkane Resources (ASX: ALK) subscribed for shares worth ~AUD$1.2M, representing a strong endorsement of Calidus' strategy

·    Calidus now fully funded to undertake an extensive resource and exploration drilling campaign, complete a definitive feasibility study ('DFS') and purchase long lead items for project development

Russel Lamming, CEO of Keras Resources, commented, "This placement is a key milestone achieved for Calidus in the development of the Warrawoona Gold Project, as it means that it is now fully funded to complete the work required to deliver a robust DFS.  Following the commencement of trading in the issued shares in this placement, Keras will have clear visibility of the capital structure in which to execute its proposed distribution of shares to its own shareholders.  We are looking to complete this distribution this year and believe that it will be an exciting time for our shareholders to gain direct exposure to Calidus."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 21 March 2019.  To view a full version of the Calidus announcement, which includes figures and maps, please click here: https://www.calidus.com.au/investors/asx-announcements/. For more information on Calidus and Warrawoona, please visit www.calidus.com.au.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer.  This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

Russell Lamming	Keras Resources plc	[e-mail]
Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat	SP Angel Corporate Finance LLP	[phone]
Financial PR Isabel de Salis / Cosima Akerman	St Brides Partners Ltd	[phone]

Notes

Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa.  It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which completed a Pre-Feasibility Study at its Warrawoona gold project in July 2019.  Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.

 

END

 

 

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