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Shefa Gems Ltd - Corrected Announcement: Loan Agreement

RNS Number : 1941Z
Shefa Gems Ltd
08 January 2020


8 January 2020


Shefa Gems Ltd.


("Shefa Gems" or the "Company")




Further to the announcement of 6 January 2020 (RNS Number: 7584Y) which discloses the details of the loan agreement between Mr. David Ben David and the Company. The announcement incorrectly stated that the loan will be convertible at 0.05p per share. The correct conversion price for the loan is £0.05 (5p). The corrected announcement is set out below.


Loan Agreement


The Board of Shefa Gems Ltd are pleased to announce that Mr David Ben David who is the CFO of the company has agreed to invest $50,000 (approximately £38,290) in a convertible loan stock in the company on the same terms as the previous loan of $200,000 referred to in an announcement made on 5th November 2019. This loan is in addition to a previous loan made by Mr David on 25 March 2019. The loan, together with rolled up interest, will be repayable in 24 months but will be convertible at £0.05 (5p) per share at any time during a period of 24 months from the date of issue. The Loan will be non-transferable. 


Following conversion, the Company will grant Mr David 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 £0.10 per warrant. In the event that the Company's share price during the period 24 months after conversion, does not at any time reach £0.10 per share, Mr David will receive additional shares after 24 months in such an amount as to make the total number of shares issued to him have a value, based on the market price at that time, of £76,580.


Michael Rosenberg, OBE, Chairman of Shefa Gems commented "we are delighted in this investment which demonstrates the confidence that our CFO has in the Company"



- Ends -





Shefa Gems Ltd


Michael Rosenberg, OBE - Chairman 


+44 20 7938 4026



VSA Capital Limited - Financial Adviser


Andrew Raca

+44 20 3005 5000



SI Capital Limited - Broker 


Nick Emerson and Jon Levinson

+44 20 3871 4038 / +44 1483 413500


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 






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Quick facts: Shefa Gems Ltd

Price: 2.5

Market: LSE
Market Cap: £5.12 m

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