10th Jun 2019 16:02
LONDON (Alliance News) - KEFI Minerals PLC said Monday it has issued 37.2 million shares at 2 pence each, raising GBP744,000, to pay off a loan conversion and third party service providers.
Of the 37.2 million shares issued, 22.5 million shares were issued for the conversion of GBP450,000 drawn under a loan facility provided by Sanderson Capital Partners Ltd, a long-term investor in the company.
The facility was entered into last November to provide the necessary funds to expand KEFI's Tulu Kapi gold project in Ethiopia.
The remaining 14.7 million shares have been issued to settle GBP294,000 owed to third party service providers.
Following admission, expected June 14, KEFI will have 680.8 million shares in issue.
Shares in KEFI Minerals were up 4.7% Monday at 1.80 pence each.
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