Kefi raises £5.62m for Tulu Kapi expenditure, exploration work

JOHANNESBURG (miningweekly.com) – Aim-listed Kefi Minerals has conditionally raised £5.62-million before expenses through a share placement.

It issued ten-million shares to existing and new shareholders, valued at £600 000; issued 7.13-million subscription shares to directors and employees, valued at £400 000; and subscribed 82-million Lanstead shares to raise £4.62-million.

Proceeds will be used to fund the company's expenditure for 2017, including finalisation of financing arrangements and the triggering of development at its flagship Tulu Kapi gold project, as well as additional exploration work in Ethiopia and Saudi Arabia.

Of the gross proceeds of the Lanstead subscription, £693 000 will be retained by the company with the balance being pledged by the company pursuant to the sharing agreement.