Business
Completion of Acquisition and Placing
Completion of Acquisition and Placing.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI\n\n 30December 2013\n\n KEFI Minerals plc \n\n (\"KEFI Minerals\" or the \"Company\") \n Completion of Acquisition and Placing \n\nKEFI Minerals, the AIM-quoted gold and copper exploration and development\ncompany, announces that it has completed the Acquisition of 75% of the issued\nshare capital of Nyota Minerals (Ethiopia) Limited (\"Nyota Ethiopia\") - (a\nwholly owned subsidiary of Nyota Minerals Limited (\"Nyota\") and the holder of\nthe Tulu Kapi exploration licence and surrounding exploration licences) and the\nplacing of 225,000,000 ordinary shares (\"Placing Shares\").\n\nThis announcement follows the Admission to trading on AIM earlier this morning\nof the 107,081,158 Consideration Shares (issued pursuant to the Acquisition)\nand the Placing Shares. The number of ordinary shares in the Company in issue\nfollowing Admission will be 853,670,212. The above figure may be used by\nshareholders as the denominator for the calculations by which they will\ndetermine whether they are required to notify their interest in, or a change to\ntheir interest in, the Company under the Financial Conduct Authority's\nDisclosure and Transparency Rules.\n\nAs previously announced, KEFI Minerals has devised an alternative approach at\nTulu Kapi, which it believes will reduce the anticipated capital and operating\nexpenditure. Working in partnership with Nyota, KEFI Minerals already has a\nteam on site focused initially on revising the mineral resources during\nQ1-2014. KEFI Minerals has also triggered refinement of the DFS (Definitive\nFeasibility Study) with a view to re-activating by the end of 2014 the\nsuspended mining lease and appropriate development funding.\n\nCEO, Jeff Rayner commented: \"We are delighted to have completed this\ntransaction, and a key contributor to the positive risk assessment has been the\nefficient and constructive procedures of the Ethiopian Government authorities.\nIt is also pleasing that the Placing was supported so well by institutional\ninvestors.\n\n\"This transaction dramatically changes the scale and scope of the Company.\nUtilising our strong team of explorers and miners we have established an\nexciting development platform within the highly prospective Arabian-Nubian\nShield in Saudi Arabia and Ethiopia. We have already mobilised our initial team\nand look forward to updating shareholde...