Business
Acquisition of Interest in Tulu Kapi
Acquisition of Interest in Tulu Kapi.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI\n\n 11 December 2013\n\n KEFI Minerals plc \n\n \n Acquisition of Interest in Tulu Kapi \n\n Placing of new Ordinary Shares \n\n Director Dealings \n\n and Notice of General Meeting \n\nKEFI Minerals, the AIM-quoted gold and copper exploration and development\ncompany, is pleased to announce that it has entered into a conditional\nagreement to acquire 75% of the issued share capital of Nyota Minerals\n(Ethiopia) Limited (the \"Target\"), the owner of the Tulu Kapi licence (the\n\"Acquisition\").\n\nThe consideration will be satisfied by the payment of £1 million in cash and\nthe issue of up to 116,666,667 Ordinary Shares at a previously agreed value of\n3 pence per share. In addition, the Company has conditionally raised £4.5\nmillion (before expenses) through the placing of 225,000,000 new Ordinary\nShares at 2 pence per share (the \"Placing\").\n\nThe Placing and the Acquisition are conditional, among other things, on the\npassing of the resolutions to be proposed at the General Meeting (the\n\"Resolutions\"), to be held at the offices of Moore Stephens, Level 6, 460\nChurch Street, Paramatta, New South Wales, Australia on 27 December 2013 at\n10.30 a.m. AEDT.\n\nThe Company has today posted a circular to shareholders, which will be\navailable to download from its website at www.kefi-minerals.com, which sets out\nthe details of the Proposals and the notice convening the General Meeting.\nDefined terms used in this announcement are the same as those defined in the\ncircular unless the context requires otherwise. The Company presentation is\nalso available to shareholders on the KEFI Minerals website.\n\nHIGHLIGHTS\n\n * KEFI Minerals will, as a result of the Acquisition and Placing, have an\n enlarged market capitalisation of £17 million (circa $28 million),\n representing $18 per ounce of its beneficial interests in 1.6Moz of\n JORC-compliant mineral resources within its two advanced gold development\n projects in the highly prospective Arabian-Nubian Shield.\n \n * KEFI Minerals has fully financed the Acquisition by raising £4.5 million\n (before expenses) at a placing price of 2p a share. Management preliminary\n estimates of the Tulu Kapi project indicate attractive operating costs of\n circa $500/oz Au.\n \n * The funds raised will be used to pay for the cash element of the\n Acquisition; to complete add...