Business
Conditional Placing & Subscription of up to £5.5m
Conditional Placing & Subscription of up to £5.5m.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 4824R KEFI Minerals plc 15 June 2018 \n\n15 June 2018\nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\n \n \nConditional Placing and Subscription of up to £5.5m (US$7.4m)\nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that it has conditionally raised £3 million (US$4 million), before expenses, through a placing of 120 million new ordinary shares of 1.7p each in the capital of the Company (the \"Placing Shares\") at an issue price of 2.5 pence per Ordinary Share (the \"Placing Price\") to existing and new shareholders (the \"Placing\") through Brandon Hill Capital Limited, Cantor Fitzgerald Europe and RFC Ambrian Limited (the \"Brokers\").\nThe Company is also intending to issue up to 100 million new ordinary shares of 1.7p each in the Capital of the Company (the \"Subscription Shares\") at the Placing Price (the \"Subscription\") comprising of the following:\n· 48,485,643 Subscription Shares which the Company has agreed to issue to project contractors and other third parties in settlement of outstanding invoices and debt of £1,212,142; and\n· 51,514,357 Subscription Shares for an aggregate value of £1,287,858 before expenses which are intended to be subscribed for by certain directors and management of the Company following the publication of the Company's annual results to satisfy accrued fees and salaries.\nThe Placing proceeds net of expenses are expected to be £2.8 million and will primarily be used to provide the Company with the funds to enable the procedural and documentary closing of the US$260 million project financing of the Company's Tulu Kapi Gold Project (the \"Project\"), which it is envisaged will be entirely funded at the Project level. Such costs include those associated with implementing the full project closing for construction, mining and finance, as well as legal and community resettlement costs associated with the Project. As announced on 11 June 2018, KEFI has now assembled the proposed full project funding consortium including contractors (approximately $50 million mining contractors' equipment fleet), equity ($50 million) and non-equity capital ($160 million). For the Project to proceed, ...