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KEFI Minerals PLC

KEFI Minerals to raise a total of £5.5mln through share placing, subscription to fully fund its Tulu Kapi Gold Project

The AIM-listed gold exploration and development company said it has conditionally raised £3mln through a placing of 120mln new ordinary shares at a price of 2.5p each

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KEFI said it is also intending a subscription of up to 100mln new ordinary shares at 1.7p each by certain directors and management of the company

KEFI Minerals plc (LON:KEFI) is looking to raise a total of £5.5mln through a share placing and subscription which should now entirely fund its Tulu Kapi Gold Project in Ethiopia

The AIM-listed gold exploration and development company said it has conditionally raised £3mln through a placing of 120mln new ordinary shares at a price of 2.5p each to existing and new shareholders.

WATCH: KEFI Minerals to raise a total of £5.5mln through share placing, subscription to fully fund its Tulu Kapi Gold Project

The group said it is also intending a subscription of up to 100mln new ordinary shares at 1.7p each by certain directors and management of the company.

KEFI Minerals said the net placing proceeds are expected to be £2.8mln and will primarily be used to provide the company with the funds to enable the procedural and documentary closing of the US$260mln project financing of its Tulu Kapi Gold Project in Ethiopia. 

Harry Adams, chairman of KEFI Minerals, said: "We are pleased to secure this funding and the support of our contractors and management.”

He added: “It is planned that the financing of the Tulu Kapi Gold Project will be entirely at the Project level, with KEFI retaining a beneficial ownership interest in the order of 54% and the balance being held by the Ethiopian Government and other Ethiopian investors.”

Quick facts: KEFI Minerals PLC

Price: £0.01

Market: LSE
Market Cap: £7.83 m
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