- Keras Resources has confirmed that ASX quoted Pharmanet Group Limited lodged a prospectus with the Australian Securities and Investments Commission on 5 May.

It said the prospectus had been lodged in order to raise A$7.8m as part of the proposed acquisition by Pharmanet of 100% of the issued share capital of the company's wholly owned subsidiary Keras (Gold) Australia Pty Ltd, as previously announced on 21 March.

It said that Pharmanet was anticipated to relist as Calidus Resources Limited in June.

Keras managing director Dave Reeves said: "We are delighted that the proposed acquisition by Pharmanet of our Australian gold assets continues to progress on schedule.

"The lodging of this Prospectus marks an important step in listing Keras Australia on the ASX and having received significant interest in the recent A$0.6 million fundraise, we are confident that Pharmanet will receive strong support as it looks to raise A$7.8 million.

"As a standalone ASX listed gold company, with a strong balance sheet, experienced board and management team, which includes Keras board representation, and defined development strategy, we believe Pharmanet, or soon to be Calidus, is primed to unlock value for all shareholders.

"We look forward to continuing to deliver on the development milestones, as detailed in our recent Notice of General Meeting, as we target the listing of Calidus in June 2017."

Story provided by