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Keras Resources ( (GB:KRS) ) has shared an update.
Keras Resources PLC has announced the launch of an open offer to qualifying shareholders, following the issuance of convertible loan notes totaling £750,000 to two significant shareholders, Christopher Grosso and Joseph Carbone. The open offer is priced at 1.4 pence per share and aims to raise funds to repay part of the convertible loan notes. The company also seeks a Rule 9 Waiver to avoid triggering a mandatory offer under the Takeover Code, as the conversion of these notes could increase the Concert Party’s voting rights significantly. This strategic move is part of Keras’s growth phase, aimed at strengthening its position in the North American organic phosphate market, with the open offer underwritten by Grosso and Carbone.
More about Keras Resources
Keras Resources PLC is a company that wholly owns the Diamond Creek organic phosphate mine in Utah, US. Diamond Creek is known for being one of the highest-grade organic phosphate deposits in the US and operates as a fully integrated mine-to-market operation with in-house mining and processing facilities. The company focuses on increasing its market share in the rapidly growing US organic fertilizer market and aims to establish Diamond Creek as the premier organic phosphate producer in the US.
Average Trading Volume: 210,756
Technical Sentiment Signal: Sell
Current Market Cap: £1.29M
For detailed information about KRS stock, go to TipRanks’ Stock Analysis page.