16 October 2013
KEFI Minerals Plc.
("KEFI Minerals" or the "Company")
Completion of Placing
KEFI Minerals Plc, an AIM-quoted gold and copper exploration company with
projects in the Kingdom of Saudi Arabia, is pleased to announce that it has
raised £500,000 by way of a placing of 22,222,222 ordinary shares at a price of
2.25p per ordinary share (the "Placing").
Use of proceeds
The funds raised in the Placing will be used to expand the pre-feasibility
study on Jibal Qutman which KEFI has already started. The Company's joint
venture company, G&M, aims to complete the pre-feasibility study and lodge an
application for its first Mining Licence by the end of Q4 2013/early Q1 2014.
Jeff Rayner, the Managing Director of KEFI Minerals said:
"During the past few months we have made rapid progress in Saudi Arabia with a
further upgrade of the JORC Inferred Resource at Jibal Qutman. The additional
funds raised will assist our efforts to complete the Pre-Feasibility Study,
expand the resource base and advance the project towards development."
Warrants
In connection with the Placing the Company has granted, conditional on
Admission, warrants to Fox-Davies Capital Limited to subscribe for up to
1,111,111 Ordinary Shares at 2.25p per share, representing five per cent. of
the total number of Placing Shares. Such warrants will be exercisable for five
years following admission of the Placing Shares.
Admission and DTR
Application has been made to the London Stock Exchange plc for the Placing
Shares to be admitted to trading on AIM and it is expected that Admission will
become effective and that dealings will commence in the Placing Shares on 21
October 2013.
Following admission of the Placing Shares to AIM, KEFI Minerals will have
521,589,054 Ordinary Shares in issue and this is the figure which should be
used as the denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their interest in
the Company under the Disclosure and Transparency Rules.
--ENDS--
For further information please contact:
KEFI Minerals plc. +90 533 928 19 13
Jeffrey Rayner
Fox-Davies Capital +44 20 3463 5022
Simon Leathers
Bishopsgate Communications +44 207 562 3366
Nick Rome, Anna Michniewicz