Business
Conditional Placing to Raise Approx. £3.8 million
Conditional Placing to Raise Approx. £3.8 million.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 2328F KEFI Minerals plc 26 July 2016 \n\n 26th July 2016\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nConditional Placing to Raise Approximately £3.8 million (Approximately US$5.0 million)\nOdey Asset Management to increase shareholding to 29.5%\n Funds to be used for resettlement of the Tulu Kapi community as development progresses\n \nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce that it has conditionally raised approximately £3.8 million (approximately US$5 million), before expenses, through the issue of 761,921,740 new ordinary shares of 0.1p each (\"Placing Shares\") at a price of 0.5p per share (the \"Placing Price\") by way of a placing through Brandon Hill Capital Limited (\"Brandon Hill\"), together with a subscription direct with the Company by Ausdrill International Pty Limited (\"Ausdrill\") (together, the \"Placing\"). \n \nOdey Asset Management LLP (\"Odey\") has subscribed in the Placing above its pro rata shareholding and, upon completion of the Placing, will have a beneficial interest in circa 29.5% of the issued share capital of the Company. Odey had also indicated its willingness, in principle, to underwrite the Placing at the Placing Price, subject to the receipt by Odey of the appropriate regulatory approvals. Due to the significant demand from other investors, the Company has not needed to call on any potential underwriting commitment.\n \nAusdrill International Pty Ltd, an existing 7.31% shareholder, has also subscribed in the Placing for approximately £266,160 (approximately US$350,000) to maintain its pro rata shareholding in KEFI.\n ...