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Shefa Gems Ltd - Directorate Change

RNS Number : 6925Q
Shefa Gems Ltd
23 June 2020
 

B"H

23 June 2020

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

Appointment of two new Directors

 

Shefa Gems (LSE: SEFA), a company focused on advanced exploration and development of multi-gemstone projects in Northern Israel, announces that at the next AGM, a resolution ("Resolution") will be proposed to change the Articles of Association to permit an increase the number of directors from seven to eight.

The proposed date for the AGM will be 5 August 2020 and a formal notice will be despatched in the near future together with the Report and Accounts for the year ended 31st December 2019.

Zvi Nemeth was appointed to the board on 1st June subject to shareholder approval .Provided the resolution to increase the number of directors to 8 is passed the board is also happy to recommend the appointment of Mr Natan Drukman to the board again subject to shareholders approval.

Mr Nemeth is the owner of a private law firm that engages in all areas of corporate law, contracts and taxation with expertise in oil, gas, natural resources and real estate taxation. Prior to that he was an associate attorney with S Friedman& Co from September 2016 to February 2018 and with Agmon, Rosenberg, Hacohen & Co from November 2011 to February 2016, and in the Israeli Tax Authority from 2001 to 2014.

Mr Nemeth was an integral part of the committee responsible for negotiating and drafting of the "Sheshinski Committee" final recommendations which ultimately became the "Taxation of Profits from Natural Resources Law, 2011". Mr Nemeth was also closely involved in negotiations and contractual arrangements with the Israeli Tax authority, and other regulatory bodies for a number of Israel's offshore natural resource projects.

Mr Nemeth has not held any directorships within the past 5 years.

Save as disclosed above, there are no further disclosures to be made in relation to Mr Zvi Nemeth.

Since April 2012, Mr Drukman has been a Director of Shefa Yamim Ltd ("SYL"). SYL currently holds 68,004,420 shares in Shefa Gems, representing 39.44 per cent. of the Company's issued share capital. Mr Drukman will cease to be a Director of SYL on the date of Shefa Gems' Annual General Meeting. Mr Drukman has not held any other directorships within the past 5 years. Mr Drukman has been serving as the Company's legal secretary since 2007 (and will continue to hold this position also after his appointment as an Executive Director).

Save as disclosed above, there are no further disclosures to be made in relation to Mr Natan Drukman.

Chairman of the Board Michael Rosenberg, OBE, said "We are delighted to welcome Zvi Nemeth and Natan Drukman to our Board. Zvi brings valuable experience in dealing with the processes for the approval of natural resource projects. Natan has been working with the group for over 15years as a legal adviser and company secretary."

- Ends -

Enquiries

 

Shefa Gems Ltd


Michael Rosenberg, OBE - Chairman 

www.shefagems.com

+44 7785727595



VSA Capital Limited - Financial Adviser


Andrew Raca, Pascal Wiese

+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 an explorer and developer of precious gems 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. All exploration activities are conducted under international standards and the internationally recognized SAMREC 2016 Code.

 

The Company holds three permits, granted to it by the Commissioner of Mines at the Ministry of Energy, Natural Resources AdministrationIsrael, 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.

 

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™, garnet, hibonite, spinel, ilmenite) and heavy minerals including zircon and rutile.

 

On March 2020, the Quarries and Mines Branch of the Ministry of National Infrastructures of the State of Israel has awarded a Certificate of Discovery to the Company covering the projected gemstone mine development in the Kishon Mid Reach, Zones 1 and 2. The Certificate of  Discovery is the culmination of the Company's successful exploration activities and market analysis; and signals the beginning of the process towards future commercial mining. 20 years of exploration in the Kishon valley have brought the Company one step closer in the establishing Israel's first and only future precious gemstone mine, originally identified and progressed by the founder of the company, the late and much missed Abraham (Avi) Taub.

 

Alongside its exploration activities, the Company is developing a "Mine to Market" strategy to promote unique jewellery collections utilising 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.  

 

For further information please visit the website at www.shefagems.com 


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