Business
Conditional Placings to raise £3.7 million
Conditional Placings to raise £3.7 million.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n RNS Number : 3628M\n KEFI Minerals plc\n 11 May 2020\n \n \n \n 11 May 2020\n KEFI Minerals plc\n (\"KEFI\" or the \"Company\")\n Conditional Placings to raise £3.7 million\n New Substantial Shareholder\n \n KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has conditionally raised £3.7 million, before expenses, through a placing (the \"Placing\") of 569,230,761 new ordinary shares of 0.1 pence each in the capital of the Company (the \"Placing Shares\") at an issue price of 0.65 pence per ordinary share (the \"Placing Price\") to existing and new shareholders (the \"Placing\") through Brandon Hill Capital Limited (the \"Broker\").\n Investors in the Placing include RAB Capital, a prominent UK special situation institutional investor who will hold 236,058,823 shares, representing 12.6% of the enlarged ordinary share capital of the Company following the Placing. RAB Capital are viewed as a long-term shareholder and have been granted a right to appoint a director to the board of the Company for as long as RAB Capital's interest remains at 10% or above.\n The Placing proceeds net of expenses are expected to be approximately £3.5 million and will provide the Company with the funds to enable the closing of the c.US$260 million project financing of the Company's Tulu Kapi Gold Project (the \"Project\" or \"Tulu Kapi\"). This includes the anticipated initial closing of the Project level equity in Q2 2020, along with that of the identified debt funding in October 2020, which was set out in the Company's announcement on 24 April 2020 and included details of support for the local investors available from the Ethiopian Government if required. The start of full gold production at Tulu Kapi remains targeted for 2022.\n Harry Anagnostaras Adams, Chairman of KEFI Minerals commented:\n \"I would like to express my gratitude for the support shown by both existing and new investors, especially to RAB Capital who anchored the capital raise and have taken a significant equity stake. The interest in this Placing, in what are difficult times globally as a result of the COVID-19 pandemic, stands KEFI in promising financial shape and highlights the upside offered by its asset base. The whole consortium is focused...