Business
Conditional Fundraising to Raise £5.62 Million
Conditional Fundraising to Raise £5.62 Million.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 6690W KEFI Minerals plc 13 February 2017 \n\n 13 February 2017\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nCONDITIONAL FUNDRAISING TO RAISE £5.62 MILLION\n \nHighlights\n \n· Fundraising of £5.62 million (gross) by way of a: \no placing by Brandon Hill Capital as the Company's agent raising £600,000 (gross)\no subscription by certain of the Directors, employees and Lycopodium raising £400,000 (gross)\no subscription by Lanstead Capital LP, an institutional investor, raising £4,620,000 (gross)\n· Issue Price under the Fundraising of 5.61 pence per New Ordinary Share, being the equivalent of 0.33 pence per Existing Ordinary Share\n· Proceeds to be used to fund the Company's expenditure for 2017, including finalisation of financing arrangements and the triggering of development at the Company's flagship Tulu Kapi project, as well as additional exploration work in Ethiopia and Saudi Arabia\n· General meeting to approve Fundraising and consolidation of the Company's ordinary shares on a 17-for-1 basis\n \nHarry Anagnostaras-Adams, Executive Chairman of KEFI, commented: \n \n\"The Directors and our major shareholders welcome Lanstead as a cornerstone shareholder in KEFI. We have continued to advance the Tulu Kapi gold project in Ethiopia and are now at a pivotal stage of the Company's development. The proceeds of the Fundraising will underpin the activities for the whole of 2017 as we look to start development of this quality project during the year. \n \n\"I would also like to take the opportunity to thank my fellow Directors, managers and contractors for their continued support. Their c...