Business
Issue of Equity
Issue of Equity.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n4 March 2024\nKEFI Gold and Copper plc\n(\"KEFI\" or the \"Company\")\nIssue of Equity\n \nFirm Placing to raise £4.5 million\nConditional issue of shares for £0.5 million in settlement of liabilities to Directors and Advisers\nPrimary Bid Offering\nNotice of General Meeting\n \nKEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce a fundraising package to facilitate full project launch at Tulu Kapi, with project launch expected to occur in mid-2024.\nThe fundraising package comprises (together, the \"Capital Raise\"):\ni. a firm placing of 750,000,000 new ordinary shares of 0.1 pence each in the capital of the Company (\"Ordinary Shares\") at a price of 0.6 pence per Ordinary Share (the \"Placing Price\") to raise £4.5 million (the \"Firm Placing\"), arranged by Tavira Financial Limited (\"Tavira\" or the \"Broker\");\nii. a conditional issue of 83,333,333 Ordinary Shares at the Placing Price (the \"Remuneration Shares\"), subject to approval by shareholders, pursuant to which certain directors and corporate advisers have elected to receive shares in lieu of accrued fees of approximately £0.5 million (the \"Conditional Remuneration Issue\"); and\niii. an offer through PrimaryBid of new Ordinary Shares at the Placing Price (the \"Retail Shares\") (the \"PrimaryBid Offer\"). Further details of the PrimaryBid Offer will be announced shortly.\nHarry Anagnostaras Adams, Executive Chairman of KEFI Gold and Copper commented:\n\"KEFI is pleased to have secured this funding to underpin the launch of the Tulu Kapi Gold Project by mid-2024. The funding has been carefully designed to meet the needs of the Tulu Kapi project at the same time as maximising the opportunity for existing shareholders to participate.\n\"On a fully diluted basis, post the issuance of the Firm Placing and the Conditional Remuneration Shares, the estimated NPV (8%) at US$1,862/oz gold (Standard and Poor's long-term consensus forecast*) of KEFI's planned interest in Tulu Kapi alone is 2.9 pence per Ordinary Share and the associated projected IRR is over 60%. This does not include any upside from exploration at Tulu Kapi or surrounding areas. Nor does it in...