22nd Mar 2016 10:46
LONDON (Alliance News) - KEFI Minerals PLC on Tuesday said it has conditionally raised GBP1.8 million through the issue of 499.4 million shares at 0.35 pence each.
The gold exploration and development company said the funds will be used to progress the Tulu Kapi gold project in Ethiopia, for its mining licence application for Jibal Qutman in Saudi Arabia, for exploration activities, and for corporate costs.
Major shareholder Odey Asset Management LLP has subscribed for 129.8 million shares, following which it will hold 813.0 million shares, representing 26% of KEFI's issued share capital.
Other major shareholder Ausdrill has subscribed for 99.2 million shares, following which it will hold 228.3 million shares, representing 7.3% of KEFI's issued share capital.
"The board remains very positive on the outlook for the company as we advance towards becoming an operating company by the end of 2017," Executive Chairman Harry Anagnostaras-Adams said in a statement.
Shares in KEFI were trading down 2.0% at 0.348 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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