26th Feb 2015 11:24
LONDON (Alliance News) - Kefi Minerals PLC Thursday said the third and final tranche of the placing it conducted in November is set to be concluded by the middle of March.
In November, the gold exploration and development company said it would raise GBP4.9 million in a share placing, by issuing 420.8 million new shares through a three tranche placing, which was approved by Kefi shareholders in December.
The first tranche raised GBP800,000 by issuing shares to existing shareholders at 1.0 pence a share whilst the second tranche raised GBP1.1 million by issuing shares to existing shareholders and some directors at the same price.
The third placing, worth GBP3 million, will see shares allotted to Perth Global Funds PLC at between 1.3 pence and 2.0 pence each, which Kefi said is "on schedule" to be completed by the end of March 16, it said.
Kefi confirmed that Perth Global has informed the company that it has received confirmation of subscriptions from its investors. Following the transaction, Perth Global will hold a 15.7% stake in Kefi, based on the 1.3 pence placing price.
The funds raised from the placing will be used to fund the development of Kefi's Tulu Kapi gold project in Ethiopia through until mid-2015, when it plans to have full development funding in place.
"We look forward to welcoming Perth Global Funds and thank them for their support as we advance towards the commencement of development at Tulu Kapi," said Executive Chairman Harry Anagnostaras-Adams.
Kefi shares were down 1.4% to 1.06 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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