KEFI Gold and Copper (KEFI ) has completed a retail offer via RetailBook, raising £774,245.63 at a price of 1.3 pence per share.
In total, the fundraise consisting of the retail offer and a share placing, is expected to raise gross cash proceeds of about £6.9 million.
KEFI is a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia.
The total funding requirement for KEFI’s Tulu Kapi gold project in Ethiopia was set at US$340 million in October of this year, and of that a debt offering had been formally accepted for US$240 million.
The remaining requirement of US$100 million is coming in the form of equity-risk capital.
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It’s a complicated matter pulling all the aspects of a project financing package together, but KEFI appears to be keeping all the balls in the air as completion draws closer. It’s helpful, of course, that the gold price has been so strong, and that Tulu Kapi will accordingly generate a significant amount of cash.