Kazera receives binding commitment for additional £221 962
Further to its announcement on September 8, Aim-listed Kazera Global has reported that it has received a binding commitment for an additional direct subscription of £221 962.
Under the additional subscription, Kazera says the investor has committed to subscribe for 11.1-million new ordinary shares at the previously announced issue price of 2p per ordinary share.
The company says the additional subscription follows separate discussions with an Angola-based investment group that views Kazera as a potential platform for pursuing opportunities in Angola's mining sector.
Kazera says these discussions are at an early stage but are intended to explore the basis for a broader strategic partnership, with a view to entering a memorandum of understanding and, subject to the outcome of those discussions, progressing specific investment opportunities in Angola.
As a result, the total gross proceeds of the fundraising will increase from £500 000 to about £722 000, through the proposed issue of an aggregate of 36.1-million new ordinary shares pursuant to the placing, subscription and additional subscription.
Kazera explains that the additional subscription is conditional, among other things, upon the passing of the resolutions at the general meeting of the company to be held on September 21 and admission of the additional subscription shares becoming effective.
The additional subscription will form part of the fundraising which is intended to strengthen the company’s balance sheet and provide greater financial flexibility both to support its existing portfolio where appropriate and to pursue value-accretive investment opportunities.
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