Business
Placing to raise £550,000
Placing to raise £550,000.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n 5 July 2013\n\n KEFI Minerals Plc. \n\n (\"KEFI Minerals\" or the \"Company\") \n\n Placing to raise £550,000 \n\nKEFI Minerals Plc, an AIM-quoted gold and copper exploration company with\nprojects in the Kingdom of Saudi Arabia, is pleased to announce that it has\nconditionally raised £550,000 by way of a placing of 26,190,476 ordinary shares\n(the \"Placing Shares\") at a price of 2.1p per ordinary share (the \"Placing\").\n\nUse of proceeds\n\nThe funds raised in the Placing will be used to complete the pre-feasibility\nstudy on Jibal Qutman which KEFI has already started. The Company's joint\nventure company, Gold & Minerals Co. LLC, aims to complete the pre-feasibility\nstudy and lodge an application for its first Mining Licence by early Q1 2014.\n\nJeff Rayner, the Managing Director of KEFI Minerals, said:\n\n\"I am very pleased that, despite the difficult market conditions, we have been\nable to raise the funding required to allow us to continue to accelerate our\npre-feasibility study in line with our planned timetable. KEFI Minerals is now\nfully funded for the previously announced work programme and feasibility study\nat Jibal Qutman.\"\n\nRelated Party Transaction\n\nEMED Mining Public Limited (\"EMED\") has subscribed for 2,380,952 Placing Shares\nin the Placing. As EMED holds over 10% of the Company's current issued ordinary\nshare capital, this transaction is a \"related party\" transaction pursuant to\nthe AIM Rules for Companies. The directors of KEFI Minerals (except Harry\nAnagnostaras-Adams and John Leach who are directors of EMED Mining) consider,\nhaving consulted with its Nominated Adviser Fox-Davies Capital Limited, that\nthe terms of the proposed transaction are fair and reasonable insofar as its\nshareholders are concerned.\n\nWarrants\n\nIn connection with the Placing the Company has granted, conditional on\nAdmission, warrants to Fox-Davies Capital Limited to subscribe for up to\n1,309,523 ordinary shares in the Company at 2.1p per share, representing five\nper cent of the total number of Placing Shares. Such warrants will be\nexercisable for five years following admission of the Placing Shares.\n\nAdmission and DTR\n\nCompletion of the Placing is conditional on the Placing Shares being admitted\nto trading on AIM (\"Admission\"). Application has been made to the London Stock\nExchange plc ...