LONDON (ShareCast) - (ShareCast News) - Keras Resources reported that Calidus Resources, in which it held a stake, had issued new shares with a view to strengthening its institutional shareholder base and expanding it geographically.


Calidus, an ASX listed gold exploration company, said it had placed approximately 243.9m shares at A$0.041 per share to both new and existing "institutional and sophisticated" investors in Australia, Asia and North America to raise gross proceeds of up to A$10m.

According to Keras, the fund raising was "consistent with the Calidus's strategy of strengthening its institutional shareholder base and increasing its profile in global financial markets".

The new shares were to be allotted in two tranches, with the first one consisting of 95.1m shares pursuant to Calidus's existing capacity and the second tranche subject to shareholder approval.

At the time of the placing, Keras's holding stood at 217.25m but would increase as and when Calidus met certain exploration licenses.

Dave Reeves from Calidus said: "As a result of the placement Calidus adds a number of new institutional shareholders to its share register".

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