Business
Equity Placing
Equity Placing.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n KEFI Minerals plc \n\n (\"KEFI\" or the \"Company\") \n\n EQUITY PLACING \n\nThe Company is pleased to announce that it has conditionally raised £625,000\n(before expenses) by way of a placing by Optiva Securities Limited (\"Optiva\"),\nWH Ireland Limited (\"WH Ireland\") and WHI Stockbrokers Limited (\"WHI\nStockbrokers\") of 50 million new ordinary shares of 1p each (\"Placing Shares\")\nat 1.25p per share (\"the Placing\").\n\nThe Company has today entered into a placing agreement with Optiva in\nconnection with the Placing (the Placing Agreement\"). The Placing is\nconditional on a number of standard conditions which are contained in the\nPlacing Agreement including admission of the Placing Shares to trading on AIM\n(\"Admission\"). A further announcement will be made when all conditions, save\nfor Admission, have been satisfied.\n\nThe purpose of this Placing is to progress the exploration programs that the\nCompany is currently working on in Turkey and especially in the Kingdom of\nSaudi Arabia were it is targeting gold discoveries in excess of one million\nounces.\n\nIn Saudi Arabia KEFI Minerals has lodged a total of 21 Exploration Licence\nApplications (\"ELAs\") covering an area of approximately 2,100km2. Saudi\nArabia's Deputy Ministry for Mineral Resources has completed site visits at six\nof the 21 ELAs to date. The Company expects the imminent granting of one\nexploration licence and has been informed that five other licences are at an\nadvanced stage of process and are anticipated to be granted in the near future.\nThe Company expects to be progressing work on the ground immediately upon\ngranting of the first licence and funds will be used to quickly progress\nexploration on the licence, identify drill targets and commence drill\nprogrammes.\n\nApplication will be made for Admission and dealings in the Placing Shares is\nexpected to commence, subject to the satisfaction of the conditions set out in\nthe Placing Agreement, on 19 October 2010. Following the issue of the Placing\nShares the total number of shares in issue in the Company will be 331,316,358\nordinary shares of 1p each (\"Ordinary Shares\").\n\nIn connection with the Placing the Company has conditionally agreed to grant\nwarrants to each of Optiva and WHI Stockbrokers to subscribe for up to 2.5\nmillion Ordinary Shares at 1.25p per share, repre...