KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF, FRA:KMSA) shares traded at 1.3p, down 7%, after it completed a £34 million placing priced at 1.2p a share, capping a fast-moving fundraise launched after market close on 19 March and pitched as the final equity piece needed to fully fund development of the Tulu Kapi gold project in Ethiopia.
At the same time, it has also made a £1 million offer of stock to retail investors.
The placing was oversubscribed and involved existing and new investors. And, importantly, means the Tulu Kapi project is now fully funded through development.
It sees the company issue 2.81 billion new shares at 1.2p, a 15% discount to the previous closing price, raising gross proceeds of roughly £34 million (roughly US$45 million) before expenses.