17th Mar 2015 09:46
LONDON (Alliance News) - Kefi Minerals PLC on Tuesday said the longstop date on the final tranche of the share placing it launched in November has been extended and said it has raised GBP800,000 via a new placing to cope with the delay.
Kefi said the longstop date on the third tranche of its placing has been extended to May 8 from March 16 in order to allow Perth Partners' Goldfields Resources Fund the time needed for the settlement of its GBP3 million subscription.
The delay is down to unforeseen circumstances, Kefi said, which have prevented Goldfields from receiving cleared funds from investors. Goldfields has confirmed, however, it remains committed to investing in Kefi at the time terms initially agreed.
Due to the delay, Kefi said it has conditionally raised GBP800,000 via broker Brandon Hill Capital Ltd, primarily from existing institutional shareholders. Kefi noted that Perth Partners was a subscriber in the new placing on behalf of the Goldfields Resources Fund.
Kefi will place 80 million shares a 1 pence per share, with the funding to be used to provide the company with working capital until it receives the proceeds from the final tranche of its placing.
In addition, Kefi has granted Brandon Hill warrants to subscribe for 3 million shares in the company, exercisable for three years at 1 pence per share.
Kefi shares were down 7.2% to 0.951 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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