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Loan Facility, Operational Update and Notice of GM
Loan Facility, Operational Update and Notice of GM.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 7654I KEFI Minerals plc 28 November 2018 \n\n28 November 2018\n \nKEFI Minerals plc\n(\"KEFI\" or the \"Company\" or together with its subsidiaries the \"Group\")\nSecured Convertible Loan Facility and Operational Update\nNotice of GM\nKEFI Minerals (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 that, further to the announcement made on 30 October 2018, the Company has entered into an up to £4,000,000 secured convertible loan facility (the \"Loan Facility\") with a longstanding institutional shareholder of the Company.\nThe Loan Facility will expand the Company's flexibility for progressing the Tulu Kapi Gold Project (the \"Project\") and other operations, in particular, catering for decisions taken recently amongst the TKGM (Tulu Kapi Gold Mines Share Company, the Company's Ethiopian project subsidiary) consortium to start certain high-impact tasks for community resettlement, project development and the initial reconnaissance of a now-enlarged area reserved by the Ethiopian Government for Tulu Kapi district exploration.\nThe Loan Facility will not only also expand the Company's working capital, but will also complement the existing Project financing plans, including the committed investment of US$30-38 million (Ethiopian Birr-equivalent) at the TKGM level by Ethiopian institutional investors, of which the initial release of US$9 million (Ethiopian Birr-equivalent) to TKGM is due in December 2018 for funding of community resettlement and other TKGM development costs in early 2019. \nThe Loan Facility shall also provide the Company with the funds to enable the procedural and documentary closing of the US$260 million project financing of the Project, which it is envisaged will be entirely funded at the Project level. Such costs include those associated with implementing the full project closing for construction, mining and finance, as well as legal and community resettlement costs associated with the Project. As announced on 10 October 2018, the Company has now assembled the proposed full project funding consortium including contractors (approximately US$50 million mining contractors' equipment fleet), equity ($50 million) and non-equity capital (US$160 million...