Proactive Investors - Run By Investors For Investors

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
gold mine
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.”

View full KEFI profile View Profile

KEFI Minerals PLC Timeline

Newswire
August 14 2018

Related Articles

Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months
1553516515_Gold-bar-plus-nugget.jpg
March 25 2019
Recent production numbers from Pan African's operations give plenty of grounds for encouragement
1556112129_Scotgold---Richard-Gray-at-Tyndrum.jpg
April 24 2019
Scotgold will pour its first gold at Cononish before the year end

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use