18th Jun 2015 08:35
LONDON (Alliance News) - Teathers Financial PLC Thursday said it has bought 6.25 million Kefi Mineral PLC shares for GBP50,000 in cash, a move that follows a couple of recent share sales in other companies.
Kefi Minerals recently held a share placing, and Teathers bought the stake through its broker. The shares represent about 0.36% of Kefi's enlarged share capital and were bought at 0.8 pence a share.
"Kefi announced that the proceeds from the placing, in which we invested through our broker, are primarily intended to fund Kefi through the next phase of its development with the majority of funds to be expended on progressing Kefi's flagship Tulu Kapi project in Ethiopia and on further exploration. We currently envisage that our investment in Kefi will be a long term hold for Teathers," Chairman Jason Drummond said.
The news comes after Teathers said Wednesday that it had made a small profit after selling some shares in Jubilee Platinum PLC and broke even after selling its entire stake in Northcote Energy PLC.
Teathers said it had sold 500,000 shares in Jubilee for GBP12,750, realising a GBP4,596.50 net profit on the sale and said it broke even after selling its 31.1 million shares in Northcote for GBP70,000.
Teathers is left with 750,000 Jubilee Platinum shares after the sale and no longer holds any stake in Northcote.
Teathers shares were down 1.9% at 3.19 pence Thursday morning. Kefi Minerals shares were up 5.8% at 0.899 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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Kefi Gold & CopperJubilee MetalsNCT.LTEA.L