Business
TKGM General Meeting Approves All Resolutions
TKGM General Meeting Approves All Resolutions.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 1345D KEFI Minerals plc 17 February 2020 \n\n17 February 2020\n \nKEFI Minerals plc\n \n(\"KEFI\" or the \"Company\")\n \nTKGM General Meeting Approves All Resolutions\n \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 advise that, further to the Company's announcement on 30 January 2020 in relation to the Company's Tulu Kapi Gold Project (the \"Project\"), the scheduled General Meeting of Tulu Kapi Gold Mines Share Company (\"TKGM\") has been held with all resolutions passed.\n \nFollowing the passing of the resolutions at the TKGM General meeting, arrangements will now proceed for the closing of the first subscription funds from the private sector partner ANS Mining Share Company (\"ANS\") to TKGM in accordance with agreed documentation and standard local procedures, beginning with the notarisation and registration of the approved shareholder resolutions with the Ethiopian Department of Trade. Closing with the Ethiopian Government sector partner had already occurred. As previously announced, the total ANS commitment is US$38 million with the first US$9.5 million (Ethiopian Birr equivalent) being unconditional and subsequent amounts in accordance with the conditions previously outlined.\n \nAlso notable is that in the past two weeks the consortium of Project partners, lenders, insurers and contractors have met in the various work-locations of Perth, Cape Town and Addis Ababa and agreed the overall sequence of events over the next six months in the lead-up to major on-site works. The Ethiopian Government is upgrading its Project preparations with increased personnel in the Tulu Kapi district for administration and policing. Off-site works have started.\n \nExecutive Chairman of KEFI, Mr Harry Anagnostaras-Adams, commented:\n \n\"The formal TKGM shareholder meeting was an important step for this closely co-ordinated public-private-partnership for Ethiopia's first modern mine in decades and has now cleared the way for the closing of the ANS equity subscription. The Tulu Kapi Gold Project is planned to be the largest single export generator in the country and all Project planning is designed within the multi-party ...