Kefi Gold And Copper Share Discussion Threads

[robjm66] 17/12/2019 10:02

Sorry Neilng the person typing this all in for me as I am in a straight jacket has refused to uptick your post :-)



Ok positives and negatives

Negative placing to raise 1.9 million bad but… “Following the Placing, all drawn funds under the Company’s existing convertible financing arrangements will have been repaid. The Company confirms that following the issue of the Placing Shares the £3.5 million undrawn balance under these outstanding facilities will be cancelled.” So at best they do not expect to need that £3.5. million as they have a bigger working capital facility for the project or at worst expect to have it replaced some way down the line by a much better deal at a much better share price.

Doubt Kefi would bin this facility unless they are very very sure things are on track.

Ignoring all the usual kefi expects stuff we have all heard before Ditto all the following “The Company is pleased to announce that some of these subscription proceeds have already been deployed by the Ethiopian Government in order to construct a new road of 11 km from the main highway to the Tulu Kapi Project site.”

“and those parties who have agreed to receive shares as remuneration for their services.”

“Oromia Region Vice President Dr Girma Amente advised: “We consider the Tulu Kapi Gold Mine as a top priority and also a model for the Oromia mining sector, with modern standards for social and environmental aspects and a true public-private partnership including maximum community participation in the Project.” (Election next year)

“KEFI is delighted to confirm that the Ethiopian Ministry of Mines has now registered the Company’s application for regional exploration licences over an area of 1200 km2,”

“Following this award Ethiopian exploration will restart during 2020 and will be funded by a modest part of the Project equity subscriptions outlined above.”

“99,580,400 ordinary shares which the Company has agreed to issue to Project contractors”

“Each Warrant will entitle the holder to subscribe for one new KEFI ordinary share at a price of 2 pence per share and must be exercised by 30 April 2020 (following which unexercised Warrants will lapse and be cancelled).”

This last maybe biggest indication that things will go ahead, I am betting that it will be a shareprice well over 2 pence and drinks all round for the for the warrent holders well before 30th of april.

[unionhall] 17/12/2019 09:59

Perhaps creditors know the company has not got the money. If they insisted on getting cash the company would be bankrupt and liquidated and they would get nothing.

[laurence llewelyn binliner] 17/12/2019 09:56

If creditors see payment in shares as better than having the cash now, they can see long term benefits, and would not choose these if they did not see the company progressing and turning into a producer, they see the multi-bag upside.. :o)

[scrappycat] 17/12/2019 09:54

Well, given the RNS, it seems to me that TK is certain to progress to fruition. Harry and the board are surely in the position of ensuring this, and much better placed than any of the posters here who think they know better. It is so easy to be critical, when one bears no responsibility, and they do this without any knowledge of the real situation facing the company.

[mark10101] 17/12/2019 09:52

I have endured these types of placings before and the results were some of my best performances. LGO was a prime example, lost a court case and did a placing, crashed share price all just before everyone was expecting transformational news. I wrote off my holding as was newish to investing only to see it go up 10 fold in lest than 6 months.

[neilng] 17/12/2019 09:47

rob

You're not crazy.

[robjm66] 17/12/2019 09:31

Call me crazy but topped up hopefully for the last time.

[topicel] 17/12/2019 08:53

This within RNS:

"The Company is pleased to announce that some of these subscription proceeds have already been deployed by the Ethiopian Government in order to construct a new road of 11 km from the main highway to the Tulu Kapi Project site."

I don't think this would be happening without the project going ahead. If not, it is a lot of money for a 'road to nowhere'...'driving home for Christmas' or not. :)

I see the Brexit pot has already been stirred this morning. Michael Gove speaking on TV says leaving on the 31st December 2020 will be enshrined in law. That is the equivalent to blackmailing the EU to agree 'or else' we have to pull the pin on the grenade. So welcome back to brinkmanship politics after all. Lol.

The Trump does the same with China. He increases the pressure then tones it down, and of course being the bigger (still, just) of the two he can maximise the threats with sanctions, collateral damage etc. But whatever we are, the UK is only one tenth of the EU and the grenade will make things worse for us than them.

Which will hardly assist in making those Labour voters who 'lent' their votes to the Tories in being, or even feeling, better off...

All of which meanderings and musings comes back to Kefi with my view that, if read carefully, Harry is also laying down a final ultimatum to the ANS boys. They need to sign up, pay up and move ahead with the project or else we are likely to go bust. There is no way this can be delayed further than January after this RNS, it would wipe out all legacy holders to do it again.

Oh, but it is nice to almost double your shareholding for nowt, should it all go through though Harry, ain't it? Warrants become shares - and shareholders are blackmailed too. Leach more than doubles up. It is ever thus, but this is our own version of 'enshrining' in law the inevitable outcome if ANS don't pay as agreed, imho.

Topicel

[cybaajak] 17/12/2019 08:53

@ cjm. Not sure its 'lies' but there is definitely a case for word porridge going on. The first paragraph of the RNS repeats exactly what the EG HAVE been doing for the past 14 months. $20m on roads and power. I'm almost certain the length of the road was 40km + when last mentioned, not 11km, but it is what it is. Infrastructure.
Having said that, part of the title of the RNS "Ethiopian Government Commence Deployment of Subscription Proceeds" seems they just paid a contractor to start building. Roads are mentioned. Not power.

Cash burn at Kefi was £500k a month August to November according to various Dilution RNS's over that time. Adams EVEN stated the cash burn would reduce after that and the RNS prior to todays revealed that Kefi took the last £650k in a one off which, going by previous expenditure "SHOULD" have lasted till last week. NOW we see that Kefi has blown through ANOTHER £1.2M as well as the £650k in 3 weeks.

Words are all I have to point out the discrepancies in every public statement made by Adams.

[laurence llewelyn binliner] 17/12/2019 08:46

The lights are still on, and we are grinding forward paying contractors and the BOD in shares as we go, warrants at 2p spells confidence the share price will be well over that by the time they expire in April, with a bigger footprint to explore while we wait for the ANS funds to materialise, 1.3BN shares is enough, but will not matter much when the MCAP is 8/10 times where it is today when the company converts to a producer 2-3 years out from now..

[cjm681] 17/12/2019 08:28

Another RNS, more dilution, more lies, same old same old. And Harry still getting his obscene salary for destroying shareholder value. There are no words.

[shortarm] 17/12/2019 08:13

Some reasonable round number buys going in.....

[edgein] 17/12/2019 08:07

1.149bn shares in total or about 15% dilution to clear the books of the CLNs and give the management some cheap shares. Now that the subscription agreements have been sent out ANS money is due before the end of the month, i.e. next two weeks. Getting rid of the CLNs was probably a prerequisite for the African banks before the fund the bulk of TK development. I could see those placing shares being churned over as the company gets on towards TK construction, the management portion of the placing is likely to be held. Application of an area over 1200 sq applied for and one of the first in Eth. Lots due to happen very short term, should help the daily volume.

Regards,
Ed.

[mark10101] 17/12/2019 08:02

Joeblogg2, that seems to indicate an expectation the work will start soon to me with a reasonable degree of confidence. This is an annoying placing and explains why we are where we are, but as above £15m MCAP still gives a lot of scope for shareholders going forward.

[cybaajak] 17/12/2019 07:57

£1.2M debt, EVEN AFTER 400m shares and £500k a month company cash burn for 4 months (August to November)is horrendous. December 1 to 16 and cash burn is £1.2m.

How T F is Adams still in charge ?

BUT the Company STILL EXPECTS ANS 1ST TRANCHE shortly.. Like it has expected the funds 9 times previously.

[joeblogg2] 17/12/2019 07:55

Being paid in shares for work carried out as well instead of cash!!

[mark10101] 17/12/2019 07:51

At 1.25p with the new shares issued gives a MCAP sub £15m so if the all goes to plan as we are being told there is huge scope for reward for shareholders. Isn’t it strange how we are sitting near the placing price just before it is announced.

[cybaajak] 17/12/2019 07:51

So its now 1.3 Billion shares as a DIRECT result of ANS not paying up. With options on another 150 million shares at 2p for 30 April 2020...

So ANS STILL aren't going to pay up by END JANUARY 2020.

[joeblogg2] 17/12/2019 07:43

Not long to wait jan 2020!!

[pre] 17/12/2019 07:42

placing at 1.25p.

[thedickster] 17/12/2019 07:41

Well, it is Arry after all.

[oilisgold] 17/12/2019 07:26

Was hoping for 2p at least on news, now all these shares need to be flipped. Just when we thought a corner was turned, we get a Unexpected RNS.