Calibre secures approval for third open pit at Valentine gold mine in Newfoundland
The company received Federal Environmental Assessment Approval to include the Berry Pit and associated infrastructure changes at Valentine.
KEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce that it has conditionally raised £2.9 million (Can$5.59 million), before expenses, through the issue of 362,500,000 new Ordinary Shares of 0.1p each (“Placing Shares”) at a price of 0.8p per share (the “Placing Price”) by way of a placing through Brandon Hill Capital Limited (“Brandon Hill”) and Beaufort Securities Limited (“Beaufort”), together with a subscription direct with the Company by a leading service provider to the African mining industry, Ausdrill International Pty Limited (the “Placing”).
Highlights
The Placing
The Directors obtained authority from shareholders to issue shares for cash on a non-pre-emptive basis at the AGM yesterday in order to reinstate the Company’s flexibility regarding the funding of its working capital and other ongoing requirements.
The Company has conditionally raised £2.9 million (before expenses) pursuant to the Placing. The Placing proceeds are primarily intended to fund the Company through the next phase of its development with the majority of funds to be expended on progressing the flagship Tulu Kapi project in Ethiopia and on further exploration.
The Placing is conditional, amongst other things, on the admission of the Placing Shares to trading on the AIM Market of the London Stock Exchange (“Admission”) by 8.00 a.m. on 19 June 2015 (or such later date as the Company may agree with Brandon Hill and Beaufort, being not later than 30 June 2015). Application has been made to the London Stock Exchange and it is expected that Admission will become effective and that dealings will commence in the Placing Shares on 19 June 2015.
The Company has also granted to Brandon Hill warrants to subscribe for 12,156,250 Ordinary Shares and to Beaufort warrants to subscribe for 2,343,750 Ordinary Shares (in aggregate being equal to 4 per cent. of the number of Placing Shares) exercisable for three years at the Placing Price.
