KEFI Gold and Copper (AIM: KEFI) has announced a fundraising package to facilitate the full project launch at Tulu Kapi, with project launch expected to occur in mid-2024.
Harry Anagnostaras Adams, executive chairman, commented, “KEFI is pleased to have secured this funding to underpin the launch of the Tulu Kapi Gold Project by mid-2024. The funding has been carefully designed to meet the needs of the Tulu Kapi project at the same time as maximizing the opportunity for existing shareholders to participate.”
The fundraising package comprises:
- A firm placing of 750,000,000 new ordinary shares of £0.1 pence each in the capital of the company at a price of £0.6 pence per ordinary share to raise £4.5M (firm placing”), arranged by Tavira Financial Limited
- A conditional issue of 83,333,333 ordinary shares at the placing price, subject to approval by shareholders, pursuant to which certain directors and corporate advisers have elected to receive shares in lieu of accrued fees of approximately £0.5M
- An offer through PrimaryBid of new ordinary shares at the placing price
The gross proceeds of the capital raise will be used for the completion of project financing and launch of the company’s Tulu Kapi Gold Project, which relate to legal and professional fees, preparations of the community, site and district security installation, and administrative costs of satisfying the remaining conditions for the project finance package.
As previously reported, a US$320M project finance package has been assembled and is now progressing through the approval processes of each of the syndicate members.
“We are now entering a highly active period for KEFI in both Ethiopia and Saudi Arabia and I would like to thank both the existing and new shareholders in this capital raise for their support and, of course, our partners and financiers for their support at the project company level.” Added Mr. Anagnostaras Adams.
To find out more, please visit www.kefi-goldandcopper.com
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