Business
Completion of Placing
Completion of Placing.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n 16 October 2013\n\n KEFI Minerals Plc. \n\n (\"KEFI Minerals\" or the \"Company\") \n\n Completion of Placing \n\nKEFI Minerals Plc, an AIM-quoted gold and copper exploration company with\nprojects in the Kingdom of Saudi Arabia, is pleased to announce that it has\nraised £500,000 by way of a placing of 22,222,222 ordinary shares at a price of\n2.25p per ordinary share (the \"Placing\").\n\nUse of proceeds\n\nThe funds raised in the Placing will be used to expand the pre-feasibility\nstudy on Jibal Qutman which KEFI has already started. The Company's joint\nventure company, G&M, aims to complete the pre-feasibility study and lodge an\napplication for its first Mining Licence by the end of Q4 2013/early Q1 2014.\n\nJeff Rayner, the Managing Director of KEFI Minerals said:\n\n\"During the past few months we have made rapid progress in Saudi Arabia with a\nfurther upgrade of the JORC Inferred Resource at Jibal Qutman. The additional\nfunds raised will assist our efforts to complete the Pre-Feasibility Study,\nexpand the resource base and advance the project towards development.\"\n\nWarrants\n\nIn connection with the Placing the Company has granted, conditional on\nAdmission, warrants to Fox-Davies Capital Limited to subscribe for up to\n1,111,111 Ordinary Shares at 2.25p per share, representing five per cent. of\nthe total number of Placing Shares. Such warrants will be exercisable for five\nyears following admission of the Placing Shares.\n\nAdmission and DTR\n\nApplication has been made to the London Stock Exchange plc for the Placing\nShares to be admitted to trading on AIM and it is expected that Admission will\nbecome effective and that dealings will commence in the Placing Shares on 21\nOctober 2013.\n\nFollowing admission of the Placing Shares to AIM, KEFI Minerals will have\n521,589,054 Ordinary Shares in issue and this is the figure which should be\nused as the denominator for the calculations by which they will determine if\nthey are required to notify their interest in, or a change to their interest in\nthe Company under the Disclosure and Transparency Rules.\n\n --ENDS-- \n\nFor further information please contact:\n\nKEFI Minerals plc. +90 533 928 19 13 \nJeffrey Rayner \n \nFox-Davies Capital +44 20 3463 5022 \nSimon Leathers \n \nBishopsgate Communications +44 207 562 3366 \nNick Rome, Anna Michniewicz\n "...