By Devika Patel
Knoxville, Tenn., Feb. 17 - Kryso Resources plc said on Monday that it will raise £3.06 million through a private placement of shares and convertible loan with Naveen Holdings Ltd.
The company will sell 29,157,925 ordinary shares at 8.78p per share for £2.56 million.
Naveen also will invest £500,000 through a zero-coupon convertible loan. The loan will automatically convert into 9,090,909 ordinary shares.
Naveen also will receive warrants for up to 51% of the company's enlarged issued share capital. The warrants will be exercisable at 8p for five years.
Proceeds will be used to complete the bankable feasibility study for the Pakrut gold project, define additional resources and reserves at Pakrut and to continue exploration at the Hukas nickel-copper project. The proceeds will also be used to repay the outstanding convertible loan from Great Basin Gold.
Kryso is a London-based mineral exploration company.
| Issuer: | Kryso Resources plc
|
| Issue: | Ordinary shares, convertible loan
|
| Amount: | £3,060,065.815
|
| Warrants: | For up to 51% of the company's enlarged issued share capital
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 8p
|
| Investor: | Naveen Holdings Ltd.
|
| Pricing date: | Feb. 16
|
| Stock symbol: | London: KYS
|
| Stock price: | 6.75p at close Feb. 16
|
|
|
| Shares
|
| Amount: | £2,560,065.815
|
| Shares: | 29,157,925
|
| Price: | 8.78p
|
|
|
| Loan
|
| Amount: | £500,000
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion rate: | Into 9,090,909 shares
|
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