KEFI Minerals plc Issue of Equity (7217B)
June 10 2019 - 10:19AM
UK Regulatory
TIDMKEFI
RNS Number : 7217B
KEFI Minerals plc
10 June 2019
KEFI Minerals plc
("KEFI" or the "Company")
Issue of equity for conversion at 2 pence per share of amounts
owing on loan facility and to service providers
KEFI (AIM: KEFI), the gold exploration and development company
with projects in the Federal Democratic Republic of Ethiopia and
the Kingdom of Saudi Arabia, announces that it has issued
37,200,000 new ordinary shares of nominal value 1.7p each ("New
Ordinary Shares") in the capital of the Company at a price of 2p
per share, 22,500,000 of the New Ordinary Shares have been issued
in relation to the conversion of GBP450,000 drawn under the
convertible loan facility provided by a longstanding shareholder of
the Company which was announced on 28 November and the balance of
14,700,000 New Ordinary Shares have been issued to settle amounts
totalling GBP294,000 owed to third party service providers.
Application has been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM with admission
("Admission") expected to occur on or around 14 June 2019.
Total Voting Rights
Following Admission of the New Ordinary Shares, the total issued
share capital of the Company will consist of 680,767,504 ordinary
shares each with voting rights. The Company does not hold any
Ordinary Shares in treasury. The total number of voting rights in
the Company will, therefore, be 680,767,504 and this figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Soltan Tagiev
Brandon Hill Capital Ltd (Joint Broker) +44 (0) 20 7936 5200
Oliver Stansfield, Jonathan Evans
SVS Securities Plc (Joint Broker) +44 (0) 203 700 0078
Tom Curran / Ben Tadd
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Heather Armstrong
Notes to Editor
KEFI Minerals plc
KEFI is focused primarily on the advanced Tulu Kapi Gold Project
development project in Ethiopia, along with its pipeline of other
projects within the highly prospective Arabian-Nubian Shield. KEFI
targets that production at Tulu Kapi generates cash flows for
capital repayments, further exploration and expansion as warranted
and, when appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
Ethiopia is currently undergoing a remarkable transformation
both politically and economically.
The Tulu Kapi gold project in western Ethiopia is being
progressed towards development, following a grant of a Mining
Licence in April 2015.
The Company has now refined contractual terms for project
construction and operation. Estimates include open pit gold
production of c. 140,000oz pa for a 7-year period. All-in
Sustaining Costs (including operating, sustaining capital and
closure but not including leasing and other financing charges)
remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt
at 2.1g/t gold, containing 1.1Moz.
All aspects of the Tulu Kapi (open pit) gold project have been
reported in compliance with the JORC Code (2012) and subjected to
reviews by appropriate independent experts.
A Preliminary Economic Assessment has been published that
indicates the economic attractiveness of mining the underground
deposit adjacent to the Tulu Kapi open pit, after the start-up of
the open pit and after positive cash flows have begun to repay
project debts. An area of over 1,000 square kilometres adjacent to
Tulu Kapi has been reserved for exploration by KEFI upon
commencement of development, with a view to adding satellite
deposits to development and production plans.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner, ARTAR, to explore for gold and associated metals in the
Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is
the operating partner.
ARTAR, on behalf of G&M, holds over 20 EL applications. ELs
are renewable for up to three years and bestow the exclusive right
to explore and to obtain a 30-year exploitation (mining) lease
within the area.
The Kingdom of Saudi Arabia has announced policies to encourage
minerals exploration and development, and KEFI Minerals supports
this priority by serving as the technical partner within G&M.
ARTAR also serves this government policy as the major partner in
G&M, which is one of the early movers in the modern resurgence
of the Kingdom's minerals sector.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOECKKDDQBKDAAD
(END) Dow Jones Newswires
June 10, 2019 10:19 ET (14:19 GMT)
Kefi Gold And Copper (LSE:KEFI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kefi Gold And Copper (LSE:KEFI)
Historical Stock Chart
From Apr 2023 to Apr 2024