Kazera Global PLC Diamond sales, deadline and financing update (2545J)
December 21 2020 - 2:00AM
UK Regulatory
TIDMKZG
RNS Number : 2545J
Kazera Global PLC
21 December 2020
21 December 2020
Kazera Global plc
Diamond sales, extension to financial reporting deadline and
financing update
Kazera Global plc ("Kazera Global", "Kazera" or "the Company"),
the AIM quoted investment company, provides the following
update.
Diamond Sales
The Company is pleased to announce that it has now sold its
first batch of diamonds, showing that mining is focused in good
locations, that all equipment, including the new scalper/screener
built by the Company, is operating effectively and that sales are
starting to take place as anticipated.
This first "proof of concept" batch consisted of 52 carats of
diamonds and the Company anticipates that the number of carats
delivered will increase substantially with subsequent batches.
The Company's focus in South Africa is now on increasing diamond
production, processing a further 850 tons of gravel, of which 147
tons have been through final processing, yielding 42 carats of
diamonds. Results so far indicate that mining continues to be aimed
at the correct areas with good diamond content.
The Company now intend on reaching a total of 1,500 tons of
processed gravel for final processing prior to the shut off for the
January auction.
Heavy Mineral Sands Project
In light of the delays experienced to date in getting the Mining
Permit and the Prospecting Licence issued, the Company and Tectonic
have agreed to extend the completion date for the acquisition of a
90% stake in Whale Head Minerals (Pty) Limited to 31 March 2021.
All applications have now been successfully logged and are
currently awaiting legal sign off.
Extension to Financial Reporting Deadline
Further to guidance provided by AIM Regulation in "Inside AIM"
on 26 March 2020, the Company has been granted an extension of up
to three months for the reporting and filing of its financial
results for the year ended 30 June 2020 such that it will publish
these results as soon as possible, but by no later than 31 March
2021.
Due to the current restrictions on travel imposed in both
Namibia and the UK as a result of the Covid-19 pandemic, the
Company's auditors are unable to complete their audits within the
normal timeframe.
Financing Update
The Company is able to report that it anticipates reporting a
loss before tax of approximately GBP912,000 and a cash position of
approximately GBP425,000 as at 30 June 2020. The Company currently
has sufficient cash resources to enable it to continue trading
until the end of June 2021. During which time, the Directors are
very confident that they will have secured additional financing
sufficient for both the Company's working capital needs and capital
requirements in respect of its Tantalite Mine.
As announced on both 11 November 2020 and 1 December 2020, the
Company has been in advanced negotiations with a major Namibian
investor. The Company is pleased to report that it has agreed
commercial terms with such investor for a substantial equity
investment at a value in excess of the current share price. The
Directors believe that the investment can be finalised in the
coming weeks subject to receipt of banking consents in Namibia.
Two of the Company's directors, Giles Clarke and Nick Harrison,
have agreed, if necessary, to provide loan facilities to the
Company. These loans would be interest free and would be redeemable
within a maximum of 12 months.
Accordingly, the Directors look forward to 2021 with an enhanced
portfolio of investments and solid fundraising prospects.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No. 596/2014 ('MAR').
For further information on the Company, visit: www. kazeraglobal
.com
Kazera Global plc (c/o Camarco) Tel: +44 (0)203 757 4980
Larry Johnson (CEO)
finnCap (Nominated Adviser and Joint Broker) Tel: +44 (0)207 220 0500
Christopher Raggett / Charlie Beeson (corporate
finance)
Camarco (PR)
Gordon Poole / James Crothers / Hugo Liddy Tel: +44 (0)20 3781 8331
**ENDS**
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