29 April 2022

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

 Oversubscribed Broker Option Placing

Keras Resources plc (AIM: KRS) is pleased to announce that further to the Company's announcement released on 26 April 2022, the firm expressions of interest from investors for the Broker Option Shares has exceeded the 625 million Broker Option Shares that are potentially available for investors to purchase. Subject to shareholders approving the additional share issuing authorities required for the Broker Option, the Company expects to raise gross proceeds of £750,000 (before expenses) through the exercise of the Broker Option by the Company's joint brokers, Shard Capital Partners LLP ('Shard') and SP Angel Corporate Finance LLP ('SP Angel'). As announced previously, each Broker Option Share will have an attached warrant to subscribe for 1 new Ordinary Share at any time up to 31 May 2024, at an exercise price of 0.18p per new Ordinary Share ('Warrants').

Russell Lamming, CEO of Keras, commented, "It is great news to have had expressions of interest that exceed the number of shares available under the Broker Option. I would like to thank all our shareholders and new investors who indicated an interest in this offering. As outlined before, we are fully committed to driving shareholder value through maximizing the potential of the Diamond Creek asset, optimizing efficiencies and generating cash flows. We look forward to taking the Company forward and ramping up operations from here."

As detailed in the announcement  of 26 April 2022, further authorisation is required to extend the share capital allocation and the Company will convene a General Meeting to obtain additional share issuing authorities on 16 May 2022.  The new Ordinary Shares to be issued prior to the General Meeting are being issued pro rata with the balance to be issued under the new authorities to be obtained at the General Meeting.

The Company expects to make a further announcement on 3 May 2022, regarding the Broker Option and the anticipated timetable for the completion of a placing of the Broker Option Shares.

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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