Business
Project Equity, Exploration Licences & Placing
Project Equity, Exploration Licences & Placing.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 0653X KEFI Minerals plc 17 December 2019 \n\n17 December 2019\nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\n \nShareholder Agreements Distributed to Ethiopian Partners for Closing in December 2019\nExploration Licence Applications for 1,200Km² Registered around Tulu Kapi\nEthiopian Government Commence Deployment of Subscription Proceeds\nPlacing to raise £1.9m and Issue of Shares in settlement of debt and accrued fees\nAll Convertible Facilities to be Repaid\n \nProject Equity Subscriptions\nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that in relation to the Company's Tulu Kapi Gold Project (the \"Project\") all the updated relevant shareholder and subscription agreements were distributed to its Ethiopian partners during the week commencing 9 December 2019. These agreements are expected to be duly executed and returned by both the Ethiopian Government and ANS Mining Share Company (\"ANS Mining\") this month to allow their subscriptions for equity into the Project company, Tulu Kapi Gold Mines Share Company (\"TKGM\"). The Company is pleased to announce that some of these subscription proceeds have already been deployed by the Ethiopian Government in order to construct a new road of 11 km from the main highway to the Tulu Kapi Project site. \nThe terms of the Project equity subscription remain as previously stated and summarised in the Company's announcement on 25 November 2019. The Company expects the transfer of the first tranche of the ANS Mining funding of US$9.5 million (Ethiopian Birr equivalent) to TKGM shortly after the return of the subscription agreements. These funds will enable the commencement of phase one of the community resettlement, debt implementation trigger and detailing the final procurement and contractual arrangements with the principal Project contractors in January 2020.\nStakeholder Meeting and Additional Acreage\nAn important Project stakeholder meeting took place in the Addis Ababa Oromia Regional Government offices on 11 December 2019. At that meeting, which included representatives of KEFI, ANS Mining and local interested parties, the Oromia Region Vice President Dr Girma Amente advise...