JOHANNESBURG (miningweekly.com) – Aim-listed Kefi Minerals has conditionally raised about £1.75-million to progress its Tulu Kapi gold project, in western Ethiopia.
The gold exploration and development company issued 499-million new ordinary shares of 0.1p apiece at a price of 0.35p a share in a placing through Brandon Hill Capital, together with Ausdrill International’s share placing of 99.2-million subscribed shares.
The proceeds would provide working capital and funds for the principal development preparations for Tulu Kapi, pending the initial drawdown of project finance, which was expected to be presented to shareholders for approval in June, as well as exploration activities, corporate costs and the refinement of the mining licence application for Jibal Qutman, in Saudi Arabia.
Following its subscription of shares, Ausdrill would hold 228-million shares, or 7.3% of Kefi’s enlarged issued share capital.
Major shareholder Odey Asset Management subscribed for 129.8-million placing shares, bringing its stake up to 812.98-million, or 26%.
The placing was conditional on the admission of the shares to trade on the Aim market of the London Stock Exchange on March 29.
Edited by: Creamer Media Reporter
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