Premier African Minerals (LON:PREM) – CORP: Zulu update
Market Cap: £23m; Current Price: 0.6p
Assay results from central zone
Assay results from drill holes ZDD-12 include 8.14m at 1.13% Li2O from 111.86m, 5.32m at 1.6% Li2O from 122.62m and 11.26m at 1.27% Li2O from 130.81m.
NORTHLAND CAPITAL PARTNERS VIEW: These latest assay results from Premier African Minerals’ Zulu Project come from the central zone of the deposit. Prem is now focused on completing a maiden mineral resource estimate and is furthering discussions with parties that have expressed an interest in participating and/or acquiring the project.
Keras Resources (LON:KRS) – CORP: ASX listing update
Market Cap: £6.9m; Current Price: 0.4p
Agreement to sell Keras (Gold) Australia to Pharmanet Group
Keras Resources has entered an agreement to sell its 100%-owned subsidiary Keras (Gold) Australia to Pharmanet Group an ASX listed company for 225,000,000 shares, 31% of Pharmanet (post-fund raise detailed below).
A further 250,000,000 performance shares will be issued to Keras on the completion of a Measured or Indicated JORC Resource of at least 500,000oz Au, within 18 months of the transaction. An additional 275,000,000 performance shares will be issued to Keras upon completion of a positive pre-feasibility study, within 36 months of the completion of the transaction.
Following the transaction Pharmanent will change its name to Calidus Resources and relist in Q217 subject to completion of the transaction and re-compliance with Chapters 1 and 2 of the ASX Listing Rules.
Pharmanent will target raising A$8m (£4.9m) as part of the transaction to undertake a major drill programme at the Warrawoona Gold Project, complete a scoping study and repay the Acquisition Finance Facility for the Warrawoona Gold Project. The Company will also raise A$0.6m prior to completion of the transaction to fund an initial work programme and working capital.
Keras board members Dave Reeves and Peter Hepburn-Brown will be appointed as Managing Director and Non-Executive Director of Pharmanet, respectively. Keith Coughlan will join Pharmanet as a Non-Executive Chairman. Mr Coughlan is currently Managing Director of European Metals Holdings (ASX and AIM). Adam Miethke to remain a Non-Executive Director of Pharmanet. Mr Miethke is a qualified geologist with extensive industry and corporate experience.
Keras has also entered into an agreement with the consortium arranged by Riverfort Global Capital to extend the maturity date of its six month Acquisition Finance Facility Agreement, by two months to allow the Transaction to complete. As part of the Agreement, Keras will repay the Investors US$2.2m (£1.77m) from the ASX Capital Raising and any additional interest up to a maximum of US$240,000 (£194,000) via the issue of Keras shares.
The Transaction constitutes a fundamental change of business pursuant to AIM Rule 15 and, as such, is conditional on shareholder approval at a General Meeting of the Company.
NORTHLAND CAPITAL PARTNERS VIEW: Keras Resources had been planning to dual list on the ASX for some time, this plan has now altered and will see the Company sell its subsidiary that holds Warrawoona Gold Project to an ASX listed Company, Pharmanet Group, in association with a A$8m fund raise. Post the transaction the Keras Resources will hold 30% of Calidus Resources (Pharmanet will change its name) with additional performance shares to be issued based on certain milestones.