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Shefa Yamim raises funds for Kishon Mid-Reach

Northern Israel-based Shefa Yamim (LSE:SEFA) has raised around £250,000 (US$318,658) in cash through subscription to advance its Kishon Mid-Reach project.
Shefa Yamim raises funds for Kishon Mid-Reach Shefa Yamim raises funds for Kishon Mid-Reach Shefa Yamim raises funds for Kishon Mid-Reach Shefa Yamim raises funds for Kishon Mid-Reach Shefa Yamim raises funds for Kishon Mid-Reach

Shefa Yamim has raised funds to develop its Kishon Mid-Reach project

Staff reporter

The subscription included 312,500 new ordinary shares at a placing price of 80p per share.

It will also issue one warrant to subscribe for one new ordinary share for every subscription share with an exercise price of £1. They are valid for an 18-month period from the date the subscription shares are admitted for trading.

The subscription shares are expected to be admitted for trading on November 6 after which the total issued share capital will consist of 14.2 million ordinary shares.

Shefa will use the proceeds to advance Kishon's Zone 1 towards trial mining and progress bulk sampling at Zone 2.

It said the ongoing technical economic evaluation of the Zone 1 alluvial exploration target was progressing.

The company's shares were down 8.11% Wednesday morning to 85p.