Shefa Gems Ltd

Shefa Yamin raises £1mln from new shareholders

"The funds will enable us to unlock the true potential of this globally unique multi-gemstone opportunity, and rapidly develop our low-cost mining operations in the Kishon Mid-Reach Zone 1 region," said CEO Avi Taub.

Shefa Yamin
The subscription and placing was for 25mln new ordinary shares

Shefa Yamin (LON:SEFA) said it has raised £1mln from new shareholders through a subscription and placing of shares to support its key projects in Israel.

The subscription and placing was for 25mln new ordinary shares at 4p each.

The gemstone explorer said the new shareholders include a mix of specialist institutional investors and “high net worth” (HNW) investors who are “attracted to the potential risk/returns from advanced to development stages of the natural resource and mining projects”.

The shareholders will be issued with one warrant to subscribe for one new ordinary share for every subscription and placing share with an exercise price of 8p, exercisable for 24 months from the date of the admission to trading.

"We are pleased to welcome our new shareholders on to our share register,” said chief executive Avi Taub.

"The level of demand from specialist institutional investors and HNW investors is a strong endorsement of the Kishon Mid-Reach Zone 1 project at a vital stage of its development.

"The funds will enable us to unlock the true potential of this globally unique multi-gemstone opportunity, and rapidly develop our low-cost mining operations in the Kishon Mid-Reach Zone 1 region."

Quick facts: Shefa Gems Ltd

Price: £0.05

Market: LSE
Market Cap: £9.05 m
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