24th Nov 2015 11:36
LONDON (Alliance News) - Kefi Minerals PLC on Tuesday said it has raised GBP2.6 million via a share issue to back work on the Tulu Kapi gold project in Ethiopia.
Kefi will issue 877.2 million shares at 0.3 pence per share to raise the funds. Shares in Kefi were up 17% at 0.35p on Tuesday. Prior to the issuance, Kefi's market capitalisation was just GBP6.2 million.
The placing proceeds will cover the costs the company will face pending drawdown of its project financing for the Tulu Kapi project, along with funding to back its work in Saudi Arabia.
By Sam Unsted; [email protected]; @SamUAtAlliance
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