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LONDON (Alliance News) - Australia-based minerals exploration company Keras Resources PLC said Friday it has repaid a loan note partly held by its own directors.
AIM-listed Keras said of the outstanding GBP609,000 balance of the loan note, GBP239,700 has been repaid in cash with the remaining GBP369,300 to be converted into shares.
Therefore, Keras will issue 99.8 million shares at 0.37p each.
Shares in Keras were untraded Friday, having last traded at 0.47p.
Keras noted part of the loan is held by its directors Dave Reeves and Peter Hepburn-Brown. Following the share issue, Reeves will hold 185.3 million shares in the company or an 11% stake, while Hepburn-Brown will hold 34.2 million shares or a 2.0% stake in the company.
"The repayment of the loan note is the first step in cleaning up our balance sheet and repositioning itself as a debt free mining company with some exciting gold and manganese deposits," said Reeves, the managing director of Keras
This process will continue with the ASX listing a key component of the payback of acquisition facility repayment. I would like to thank Peter and other long term supporters, for this vote of confidence in the company's growth prospects," added Reeves.
By Adam Clark; adamclark@alliancenews.com
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