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Keras Resources PLC - mine developer focused on West Africa and the US - Confirms receipt of $1.7 million cash consideration from the Republic of Togo, after dropping the Nayega manganese project in Togo to focus on targeting the organic fertiliser market in North America in mid-May.
Also notes, as per announcement in early July, Keras has now made cash payments of $800,000. This is part of the consideration for the acquisition of Falcon Isle Resources LLC and Falcon Isle Holdings LLC, alongside $240,000 being a severance payment to the former chief executive of Falcon Isle. As a result, Keras is no longer in default of the agreement entered into on March 30 for the purchase of the outstanding 49% of equity in Falcon Isle Resources and Falcon Isle Holdings.
Current stock price: 4.15 pence
12-month change: down 38%
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