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On July 4, 2023, Keras Resources plc announced it received US$1.7 million cash from the Republic of Togo. The company subsequently made cash payments of US$800,000 for the acquisition of Falcon Isle Resources LLC and Falcon Isle Holdings LLC, and a US$240,000 severance payment to Falcon Isle's former CEO. These payments, referencing an agreement from March 30, 2022, for the purchase of 49% equity in Falcon Isle, resulted in Keras no longer being in default of that agreement.
| Date | 4 Jul 2023 |
| Time | 16:55:33 |
| Category | Miscellaneous |
| ID | 9636E |
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
4 July 2023
Keras Resources plc ('Keras' or the 'Company')
Receipt of funds from the Republic of Togo
Keras 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.
Per 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.
Graham 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.
For 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.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Graham Stacey
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Keras Resources plc |
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Nominated Adviser & Joint Broker Ewan Leggat / Charlie Bouverat
Joint Broker Damon Heath / Erik Woolgar
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SP Angel Corporate Finance LLP
Shard Capital Partners LLP
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+44 (0) 20 3470 0470
+44 (0) 207 186 9900
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Notes:
Keras Resources (AIM: KRS) wholly owns the Diamond Creek organic phosphate mine in Utah, US. Diamond Creek is one of the highest-grade organic phosphate deposits in the US and is a fully integrated mine to market operation with in-house mining and processing facilities. The operation produces a variety of organic phosphate products that can be tailored to customer organic fertiliser requirements.
The Company is focused on continuing to build market share in the fast-growing US organic fertiliser market and build Diamond Creek into the premier organic phosphate producer in the US.