Business
Conditional Placing to Raise £1.75 million
Conditional Placing to Raise £1.75 million.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 8295S KEFI Minerals plc 22 March 2016 \n\n 22 March 2016\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nCONDITIONAL PLACING TO RAISE £1.75 MILLION\n \nHighlights\n \n· Placing raising £1.75 million (c. US$2.5 million) gross to progress Tulu Kapi gold project (\"Project\")\n· Cornerstone institutional and industry shareholders reinforce support for development plan\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 £1.75 million (approximately US$2.5 million), before expenses, through the issue of 499,359,791 new Ordinary Shares of 0.1p each (\"Placing Shares\") at a price of 0.35p 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\").\n \nThe Placing serves to provide working capital pending initial drawdown of project finance, which is expected to be presented to shareholders for approval in June 2016. It also demonstrates commitment by cornerstone investors, complementing the strong specialist finance syndicate being assembled for the development of the Project.\n \nThe aggregate shareholdings of KEFI's cornerstone shareholders UK investment group, Odey Asset Management and Australia/African mining contractor Ausdrill, together with the holding of the Board of Directors, amounts to approximately 40% ownership of KEFI on a fully-diluted basis. At the project level, it is anticipated that the Government of Ethiopi...