19th Feb 2007 07:00
Kefi Minerals plc19 February 2007 AIM: KEFI 19 February 2007 Completion of Placing KEFI Minerals Plc, ("KEFI Minerals" or the "Company"), the gold and copperexploration company with projects in Turkey and Bulgaria, is pleased to announcethat it has completed a placing, conditional only on Admission, to raise£350,000 from the issue of 11,666,667 new ordinary shares of 1p each in theCompany (the "Placing Shares") at a placing price of 3p with UK institutionaland private investors. Application will be made for the Placing Shares to beadmitted to AIM and dealings in the Placing Shares is expected to commence on 5March 2007. The total number of issued ordinary shares in the Company, including the PlacingShares, will be 100,333,334 Ordinary shares. The proceeds of the Placing will be used by KEFI to continue to expand andprogress its gold and copper exploration assets in Turkey and Bulgaria in 2007.The new monies will enable the Company to fund exploration following therecently reported steps taken to expand of its portfolio. This is being achievedby applying its extensive proprietary geological database in Turkey and byidentifying prospective areas for licence application and acquisition oflicences through Government tenders. The Placing has also been undertaken in response to current market demand forKEFI shares following early exploration progress which detailed encouraging highgrade gold and silver results from reconnaissance exploration at the LehovoProject in Bulgaria. Following the issue of the Placing Shares, Paul Curtis will hold 6,000,000,ordinary shares of 0.01p in the share capital of the Company ("Ordinary Shares")representing 6.0% of the total number of issued Ordinary Shares and votingrights in the Company, and Wills & Co Stockbrokers Limited will hold 8,333,333Ordinary shares representing 8.3% of the total number of issued Ordinary Sharesand voting rights in the Company. -Ends- EnquiriesKEFI Minerals WH Ireland Bishopsgate CommunicationsJeffrey Rayner Laurie Beevers Maxine Barnes Katy Mitchell Nick Rome+905 36963 0111 +44 161 832 2174 +44 20 7562 3350www.kefi-minerals.com References in this announcement to exploration results and potential have beenapproved for release by Messrs Jeff Rayner, Managing Director of KEFI Mineralsand Ron Cunneen, Head of Exploration for EMED Mining Group. Both individualshave more than 15 years' relevant experience in the field of activity concerned.Ron Cunneen is a member of The Australian Institute of Geoscientists ("AIG") andJeff Rayner is a Corporate Member of the Australian Institute of Mining andMetallurgy ("AUSIMM"). Both have consented to the inclusion of the material inthe form and context in which it appears. Notes to Editors: KEFI Minerals was formed on 24 October 2006 for the purposes of holding EMEDMining's exploration interests in Turkey and Bulgaria with a view to creatingshareholder value through the discovery and exploitation of gold and copperdeposits. In November 2006, KEFI Minerals completed the acquisition of EMED Mining'sTurkish and Bulgarian exploration interests through the acquisition of EMEDMining's subsidiary Mediterranean Minerals (Bulgaria) EOOD. In addition, KEFIMinerals acquired from EMED Mining a database of mining information relating toTurkey. KEFI Minerals commenced trading on AIM on 18 December 2006, following thesuccessful placing of 46,666,667 shares at 3p to raise £1.4 million. KEFIMinerals' market capitalisation was £2.7 million at the placing price onadmission to AIM. In Turkey, KEFI Minerals has two initial exploration projects: • At Artvin in northeastern Turkey, areas of extensive hydrothermal alteration have been recognised in the project area, and there is evidence of historical workings indicating potential for economic mineralisation. • At Gumushane in eastern Turkey, areas of extensive hydrothermal alteration have been recognised in the project area, as well as coincident areas of interest identified through interpretation of Aster data. KEFI Minerals also has an extensive exploration database which containsinformation about approximately 100 further prospective sites in Turkey. Thisdatabase provides the Company with a competitive advantage to identifyprospective areas for project generation in Turkey. Procurement of newprospective licences has commenced and monitoring of the exploration licencestatus of geologically prospective areas will be carried out on an ongoing basisso that KEFI Minerals can acquire further exploration opportunities as soon asthey become available. In southern Bulgaria, reconnaissance work in the Lehovo Project area hasidentified a structural corridor with a strike length of approximately eightkilometres with the potential for gold and base metal mineralisation. EMED Mining has agreed to provide technical and administrative systems andpersonnel to KEFI Minerals on a cost-recovery basis, thus enabling KEFI Mineralsto reduce overheads and spend more on exploring Turkey and Bulgaria. KEFI Minerals' Board of Directors is comprised of Mr Harry Anagnostaras-Adams(Chairman), Mr Jeffrey Rayner (Managing Director), Professor Ian Plimer (DeputyChairman) and John Leach (Finance Director). Further information on KEFI Minerals is available at www.kefi-minerals.com andthe Company's AIM code is "KEFI". This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Kefi Gold & Copper