KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has completed new funding ahead of the start of building work at Tulu Kapi in Ethiopia.
Including a retail equity offer, raising approximately £243,000 at 0.7p, the total generated was £6.44mln, though KEFI pointed out that shareholders must waive pre-emption rights at the AGM for the funding to proceed.
In the main part of the funding, KEFI raised £5.5mln through a firm placing at 0,7p, with a further £0.7mln coming through a conditional subscription.
The money will be used to fund preparations for the financial close and launch of building work at the gold mine at Tulu Kapi, to contribute to pro-rata costs for the definitive feasibility study at Jibal Qutman in Saudi Arabia and for a pre-feasibility study at Hawiah.