KEFI Gold and Copper (AIM: KEFI) has announced a fundraising to raise gross cash proceeds of up to £7.2M through:
1) a firm placing to raise £5.5M arranged by Tavira Financial Limited);
2) a conditional subscription to raise approximately £0.7M; and
3) an offer via the PrimaryBid platform to raise up to £1.0M (the “Retail Offer”)
Use of Proceeds
The expected gross Capital Raise proceeds of up to £7.2M will mainly be used to fund:
· Completion of project financing and launch of the company’s Tulu Kapi Gold Project. As previously reported, a US$390M project finance package has been assembled. The Final Umbrella Agreement was signed in April 2023 (see RNS 27 April 2023 for further information). The Company expects binding terms to be entered into within the next month or so subject to ongoing successful satisfaction of outstanding conditions precedent which are normal for a transaction of this nature
· Funding for the company’s share of costs for a £10M exploration and study programme in Saudi Arabia. This programme include the completion of a Definitive Feasibility Study (DFS) at Jibal Qutman and a Pre-Feasibility Study (PFS) at Hawiah Gold and Copper, as well as additional exploration drilling and studies across the project portfolio, which includes 15 exploration licences. The potential combined identified gold-equivalent resources at Jibal Qutman and Hawiah already exceed those at Tulu Kapi;
· The extinguishing of certain current liabilities and advances to strengthen the company’s balance sheet ahead of proposed project development; and
· General working capital.
For further information please visit: https://www.kefi-goldandcopper.com/
