Shefa Gems Ltd Loan Agreement (2333S)
05 Novembre 2019 - 8:00AM
UK Regulatory
TIDMSEFA
RNS Number : 2333S
Shefa Gems Ltd
05 November 2019
B"H
5 November 2019
Shefa Gems Ltd.
("Shefa Gems" or the "Company")
Loan Agreement
Shefa Gems (LSE: SEFA), a company focused on advanced
exploration and development of multi-gemstone projects in Northern
Israel, is pleased to announce that it has entered into a
convertible loan agreement over the provision of US$200,000
(approximately GBP156,250) (the "Agreement") with a shareholder of
the Company ("the Lender") for working capital purposes and to fund
the continued development of its Kishon Mid-Reach Project.
Terms of the Loan
Pursuant to the Agreement, the Lender has agreed to provide a
loan for US$200,000 (approximately GBP156,250) (the "Loan"). The
Loan, together with rolled up interest at 5%, is convertible into
ordinary shares of the Company at a share price of GBP0.05 per
share at any time until 31 March 2021. The Loan will be
non-transferable.
Following conversion, the Company will grant the Lender one
unlisted warrant for every share received on conversion,
exercisable for a period of 24 months from the date of the
conversion, at a price of GBP0.10 per warrant. In the event that
the Company's share price during the period 24 months after
conversion, does not at any time reach GBP0.10 per share, the
Lender will receive additional shares after 24 months in such an
amount as to make the total number of shares issued to the Lender
have a value, based on the market price at that time, of
GBP312,500.
Michael Rosenberg and James Campbell who are independent
Directors, having consulted with the Company's Financial Adviser,
consider the terms of the Loan, to be fair and reasonable insofar
as all of Shefa's shareholders are concerned.
As at the date of this announcement, the entire issued share
capital of the Company comprises of 172,425,315 Ordinary shares
with a nominal value of 0.1 NIS each.
Michael Rosenberg, OBE, Chairman of Shefa Gems, said: "We are
very pleased to have secured further funding at the prevailing
market price from our supportive shareholder. On behalf of the
Board, I would like to thank Shefa's existing shareholders for
their continued support at this crucial time as Shefa continues to
advance its Kishon Mid-Reach Project."
- Ends -
Enquiries
Shefa Gems Ltd
Michael Rosenberg, OBE - Chairman
www.shefagems.com +44 20 7938 4026
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VSA Capital Limited - Financial
Adviser
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Andrew Raca +44 20 3005 5000
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SI Capital Limited - Broker and
Strategic Adviser
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+44 20 3871 4038 / +44
Nick Emerson and Jon Levinson 1483 413500
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Luther Pendragon
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Harry Chathli, Alexis Gore, Rachel
So +44 20 7618 9100
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Notes to Editors
About Shefa Gems Ltd
Shefa Gems Ltd (LSE: SEFA) is a multi-commodity explorer of
precious stones operating in Northern Israel. Exploration activity
is managed by professionally skilled and technically competent
personnel and is accompanied by an international team of geological
experts with decades of proven experience in their fields.
All exploration activities are conducted under international
standards and the internationally recognised SAMREC 2016 Code.
Furthermore, its four (4) permits, granted to it by the
Commissioner of Mines at the Ministry of Energy, Natural Resources
Administration, Israel, extend over an area of approximately
600,000 Dunam (60,000 hectares) that includes the Kishon River, the
volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys
and their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth
range. The Company upholds environmental values and protects the
nature in the areas where it operates, cooperating fully with all
authorities.
Alongside its exploration activities, the Company is building on
the launch of the "Heaven on Earth" jewellery collection and
developing the Company's "Mine to Market" strategy to promote
unique jewellery collections utilising Shefa Gems' suite of
precious gemstones.
The exclusive "Heaven on Earth" collection is now available to
view online on the website of the designer Yossi Harari at:
www.yossiharari.com/collections/heaven-on-earth
For further information please visit the website at
www.shefagems.com
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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