Shefa Gems Ltd Convertible Loan Agreement (5704L)
01 Maggio 2020 - 8:00AM
UK Regulatory
TIDMSEFA
RNS Number : 5704L
Shefa Gems Ltd
01 May 2020
B"H
1 May 2020
Shefa Gems Ltd.
("Shefa Gems" or the "Company")
Convertible 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 for US$50,000 (GBP40,000) (the
"Agreement") with Gershon Joel Fraenkel, a Director of the Company,
together with his wife Rebecca Leah Fraenkel ("the Lender") for
working capital purposes and to fund the continued development of
the Company.
Terms of the Loan
Pursuant to the Agreement, the Lender has agreed to provide a
loan of US$50,000 (the "Loan").
The Loan, together with rolled up interest at 5%, is convertible
into ordinary shares of the Company at a share price of 5 pence per
share at any time until 31 March 2021.
In the event that the Lender was to convert their loans into
Ordinary shares in the Company, they could hold up to 800,000
Ordinary shares in the Company representing 0.46 per cent of the
Company's issued share capital following such conversion.
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 10 pence per warrant. In the event that
the Company's share price during the period 24 months after
conversion, does not at any time reach 10 pence 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 GBP80,000
(double his investment).
Director Shareholding
Gershon Fraenkel is a Director of the Company and is currently
interested in 60,000 ordinary shares (representing 0.03% of the
current issued share capital).
Vered Toledo, CEO of Shefa Gems, said: "We are delighted to have
the support of our valued Director which is a great sign of
confidence not only in our Company but also in the potential value
of the Company's stock. The additional cash resources will support
the Company's working capital purposes, in addition to supporting
the development of our Project in the Kishon Mid-Reach area."
- 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
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+44 20 3871 4038 / +44
Nick Emerson and Jon Levinson 1483 413500
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Notes to Editors
About Shefa Gems Ltd
Shefa Gems Ltd (LSE: SEFA) is an explorer and developer of
precious stones deposits 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. It has two flagship projects, Mount Carmel and the Kishon
Reach.
With its international geological consultant team, Shefa Gems
has established a "Source to Sink" geological model and the
presence of a Target Mineral Assemblage of gemstones ("TMA Suite")
in both primary volcanic sources and in secondary alluvial deposits
lying within the Kishon catchment, on Mount Carmel and in the
Zevulun and Yizre'el valleys and their margins. The TMA suite
comprises Precious Stones (Diamond, rare natural moissanite,
sapphire, ruby, Carmel Sapphire(TM), garnet, hibonite, spinel,
ilmenite) and heavy minerals including zircon and rutile.
All exploration activities are conducted under international
standards and the internationally recognised SAMREC 2016 Code. Its
three permits, granted to it by the Commissioner of Mines at the
Ministry of Energy, Natural Resources Administration, Israel,
extend over an area of approximately 488,366 Dunams (48,836
hectares) that includes the Kishon River, the volcanic bodies on
Mount Carmel, the Zevulun and Yizre'el valleys and their
margins.
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 jewelry collections utilizing Shefa Gems' suite of precious
gemstones.
The Company upholds environmental values and protects the nature
in the areas where it operates, cooperating fully with all
authorities.
The exclusive "Heaven on Earth" collection is now available to
view online on the website of the designer Yossi Harari at:
https://www.yossiharari.com/collections/heaven-on-earth-1
For further information please visit the website at
www.shefagems.com
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END
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