28th Nov 2018 14:06
LONDON (Alliance News) - KEFI Minerals PLC said Wednesday it entered into a secured convertible loan facility for up to USD4.0 million to provide the necessary funds to expand its Tulu Kapi gold project in Ethiopia.
The facility was signed with Sanderson Capital Partners Ltd, a long-term investor in the company. Amounts drawn under the loan are not subject to any interest payments, but are secured against the company's interest in its subsidiary Kefi Minerals (Ethiopia) Ltd.
Furthermore, the company said that political changes in Ethiopia over the last two years "have caused some material delays" to its operations.
"It is today pleasing to see a rapid and smooth transition to new national leadership over the past six months with widespread support in Ethiopia and what appears to be a progressive attitude to reform on various fronts," KEFI added.
KEFI will hold a general meeting on December 17.
KEFI shares were trading up 6.3% at 1.49 pence each.
Related Shares:
Kefi Gold & Copper