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Placing to raise £1.25 million
Placing to raise £1.25 million.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \nRNS Number : 7331V Kennedy Ventures PLC 01 February 2017 \n\n \nReplacement RNS: Placing to raise £1.25m\n \nThe following announcement has been made to replace RNS Number 6970V. The correct number of ordinary shares in issue following the placing will be 189,017,093. All other details remain unchanged. The correct version of the announcement is below:\n \n1 February 2017\nKennedy Ventures plc\n \nPlacing to raise £1.25 million\n \nKennedy Ventures plc (\"Kennedy Ventures\" or \"the Company\"), the AIM quoted investment company, who through its stake in African Tantalum (Pty) Limited (\"Aftan\") has an interest in the Tantalite Valley Mine (\"TVM\") in Namibia, is pleased to announce that it has raised £1.25 million before expenses through a placing of 13,888,889 new ordinary shares of 1p each (\"Ordinary Shares\") at a price of 9p each (the \"Placing\"). \n \nHighlights:\n \n· Placing to raise gross proceeds of £1.25 million through the issue of 13,888,889 Ordinary Shares at a placing price of 9p each;\n \n· Net proceeds of the Placing will be used by Aftan, Kennedy Ventures' investee company, to implement the plant enhancements recently identified by Aftan with guidance from the Company's new CEO Larry Johnson, as previously announced. The funds will enable the acceleration of these initiatives and ensure the improved utilisation rates, recoveries and production levels are achieved. The funds will also be used to:\no Accelerate ongoing lithium studies that, if expected results are achieved, will open up the Lepidolite orebody and expedite work relating to other potentially value accretive by-products at TVM; and\no Provide general working capital:\n§ Additional working capital will enable Aftan to ensure optimal end product performance within the market, through the continual facilitation of a global negotiation process associated with generating competitive tension amongst major purchasers;\n§ Greater working capital will allow Aftan to implement industry bench marking initiatives to ensure optimum pricing and cost efficiency across its entire operation.\n \n· The Board believes the Placing will deliver added long term value to Aftan, and ultimately Kennedy, through enabling the improvements recently ident...