Keras Resources PLC - mine developer focused on West Africa and the US - Intends to raise £1.2 million through the issue of 1.63 billion shares at a price of 0.12 pence each via a placing and broker option.

Funds from the raising will go towards enhancing current operations and maximise the future potential of the Diamond Creek asset.

In addition, will appoint Chief Operating Officer Graham Stacey as chief executive officer with effect on June 1, and Russell Lamming as non-executive chair on September 1.

‘We as a board remain very much aligned with shareholders as we continue to invest in the company and we welcome the opportunity for other investors to participate alongside us. This placing ensures we have a solid cash position to enhance our current operations and consolidate the long term future of both the project and company. We are fully focussed on building this platform and driving further shareholder value through maximizing the asset potential, optimizing efficiencies and generating cash flows,’ says Chief Executive Officer Russell Lamming.

Current stock price: 0.11 pence

12-month change: down 5.0%

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