logo-loader
viewShefa Gems Ltd

Shefa Gems secures additional funding through convertible loan

Shefa has been working steadily to build up the economics of the Kishon Mid-Reach project

Shefa Gems Ltd -
The Kishon River, where Shefa plans to go mining

Shefa Gems Ltd (LON:SEFA) has entered into a convertible loan agreement valued at US$200,000 with a shareholder of the company.

The money will be used for working capital purposes and to fund the continued development of the Kishon Mid-Reach gemstone project in Israel.

The loan, together with rolled-up interest at 5%, is convertible into shares at 5p each at any time until 31 March 2021.

Following conversion, Shefa 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 10p each.

In the event that the company's share price during the period 24 months after conversion, does not at any time reach 10p 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 £312,500. 

Michael Rosenberg, chairman of Shefa Gems said: "We are very pleased to have secured further funding at the prevailing market price from our supportive shareholder. On behalf of the board, I would like to thank Shefa's existing shareholders for their continued support at this crucial time as Shefa continues to advance its Kishon Mid-Reach Project."

 

 

Quick facts: Shefa Gems Ltd

Price: 4.25 GBX

LSE:SEFA
Market: LSE
Market Cap: £7.33 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Shefa Gems Ltd named herein, including the promotion by the Company of Shefa Gems Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Shefa Gems to start trial mining

Gemstone group Shefa Gems Ltd's (SEFA) focus over the next six months is to get a permit to start trial mining at the Kishon Mid-Reach Zone 1 in Israel. Non-Executive Chairman Michael Rosenberg tells Proactive London there's been a huge amount of work done this year and the company focus is now...

on 29/8/19

2 min read