Kefi Gold And Copper Share Discussion Threads

[digger2779] 07/3/2020 11:08

rob - failure to communicate is putting it mildly. From the RNS of 30th Jan 2020 we have
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to advise that in relation to the Company's Tulu Kapi Gold Project (the "Project") a General Meeting of Tulu Kapi Gold Mines Share Company ("TKGM") has been convened for 14 February 2020 (the "Meeting"), to formalise the final and procedural sign-off of all matters required for the release of funds from ANS Mining Share Company ("ANS Mining") to TKGM.

The subsequent transfer of the first funds from ANS Mining to TKGM is expected to occur following the Meeting. As previously announced, the total ANS Mining commitment is US$38 million with the first US$9.5 million (Ethiopian Birr equivalent) being unconditional and subsequent amounts in accordance with the conditions previously indicated.
Another play on words, especially intimating the release of funds following the Meeting. No mention of further notarization etc. Of course the funds are "expected" but when? Most people thought fairly soon after the meeting on 14th Feb.
Even today's answer on the website is open to interpretation. Why can't they put it down in simple English? ie. We meant 1st tranche is to be available on such and such date not "shortly". Muddied the waters again by referring to "during the period before full close" as this can still mean they have until 1 day before main funding to pay up.
I did ask for a straight answer yesterday but that question wasn't asked. Can't think why!

[digger2779] 07/3/2020 10:48

space bob - you are probably right re guarantee but I reckon Kefi were told from the start by EG that they cannot proceed without ANS involvement to ensure that these high ranking officials and EG benefit from the mine. We all know that governments worlwide are swayed by business leaders and ex ministers so EG won't be any different. It is after all their resource and don't care who extracts it as long as they get their cut.

[robjm66] 07/3/2020 10:34

The ANS paying in money bit hopefully soon.

From quarterly.

“execute all documentation, which is well advanced, for KEFI’s private sector equity partner ANS Mining Share Company (“ANS”);”

“In February 2020, TKGM shareholder meetings passed the requisite shareholder resolutions and associated draft shareholder agreements have been circulated. All consequential subscription and shareholder documents are in the process of review by Government departments and ANS syndicate members for execution by the TKGM partners during March.”
From website

Q: From the webinar that has just finished, it is easy to interpret that ANS will not provide any tranche of funding until September.

A: That is not the message. The closing could not have already occurred but will occur shortly. The US$9.5M (equivalent in Ethiopian Birr) is to be received from ANS during the period before full close.

Should have just said closing could not have occurred but will occur shortly rather than talk about full close again.

From Cool hand luke
“what we have here is a failure to communicate”

[scrappycat] 07/3/2020 10:33

As far as Kefi are concerned, it would seem they have fulfilled all the requirements demanded of them regarding registration for the funding. Since the first tranche has been classified as unconditional, it should be exactly that, and not affected by the elections at all. In other words, it could be paid anytime. From what I have gleaned from what has been said here regarding Harry's recent broadcast (I have not heard it), that is what the company believe also.

That said, who knows whether or not the EG/ANS will introduce an additional variance to the registration procedure. Not the company, for the EG/ANS are making the rules up as they go along. All we, and the company, can do is sit and await developments, but the delay does have implications for Kefi in terms of their cash reserves.

Just my thoughts, dyor.

[space_bob] 07/3/2020 10:27

The guarantee is worthless. If Kefi had the money to back it, they wouldn't need ANS in the first place. It's like a homeless man asking for a £1k loan to help find a job and offering a money back guarantee if he fails to find one.

[digger2779] 07/3/2020 10:12

Re today's answer on website.
What closing are they referring to? Is it the 1st tranche? If so then I assume the full close relates to the completion of the main finance. So in reality they could release the 1st tranche next week OR a week before the September closing? However,ANS have a money back guarantee so if they were to release the money "soon" (ie next week) in order for the project to progress and for whatever reason it looked like it was going to fail they would get their money back from Kefi. Where that refund would come from is anyone's guess but this is Kefi!

[outlawinvestor] 07/3/2020 10:09

When using the phrase full close it's unfortunate the answers and comments don't always disambiguate between ANS equity full close (which HA claims will be shortly) and bank loan full close (which is apparently now in Sept).

[whatnow1] 07/3/2020 10:01

There has been a question and answer on the kefi website today regarding the webinar and the 9.5 .People seem to be mistaken it seems. The first tranche is expected to be received before the September Close.

[space_bob] 07/3/2020 09:47

Neil, ex-shareholder but find the soap opera that is Kefi interesting and helps to stop me making the same mistake again.

[laurence llewelyn binliner] 07/3/2020 09:46

I would like to know how much cash we have left, how much of any credit lines are left available to the company, and how long we can keep the wheels turning until the ANS funds are received..?

My guess is we are clocking up empty about now, the ANS funds were expected after the meeting 14.02.2020, but the goal posts got moved back 6 months with the elections and we can expect a capital raise very soon to keep the lights on for another 3 months until the next 1 to take us to -full close- September/October..?

Would ANS really pay out their USD9.5M unconditionally before they know that the full financing package is agreed/completed for the project to move forward on..?, I suspect not..

[robjm66] 07/3/2020 09:37

Thanks Matthew obvious that people especially on the LSE kefi board getting confused about the final closing and the different process of money coming in tranches from ANS.

Had a deluge of detail in the webinar so much so that half way through some of the answers I was forgetting what the original question was. Being a masochist actually listened to it a second time but some people were actually switching off after 20 minutes half an hour as it was such a mess.

Hopefully the whole thing can be written up as well and put on the kefi site to make it more accessible and less painful.

[neilng] 07/3/2020 09:34

Space bobShareholder or just a troll?Filtered.

[texaschaser] 07/3/2020 09:19

Lifestyle company due another placing, but not able to raise in this market. What next?

[matthew stone] 07/3/2020 08:36

From website this morning...

Q: From the webinar that has just finished, it is easy to interpret that ANS will not provide any tranche of funding until September.

A: That is not the message. The closing could not have already occurred but will occur shortly. The US$9.5M (equivalent in Ethiopian Birr) is to be received from ANS during the period before full close.

[space_bob] 06/3/2020 23:55

There's only one person who does well out of Kefi. This will by 0.50 by the end of summer. $9.5 million in UK money is probably like $95 million in Ethiopia - to move some farmers. And then jump into bed with a worthless company with no history?
I think Saudi has more potential, but notice the partner there has closed their website and says nothing. Harry claims first mover advantage, ignoring Maaden already mining all around Hawiah. Best case scenario either of these come through - then $0.5 billion of capital needed to develop. Then no doubt massively hedged production for many years.
More likely, all that will actually happen is constant surveys to keep interest and the RNS's flowing and to create paper value. Anything to keep the wheels on the bus and the monthly salary cheques.
Quite impressive keeping this up for 14 years.

[divmad] 06/3/2020 22:43

Looks like the Emperor has no clothes. But he still draws a decent salary. Some things never change in AIM.

[outlawinvestor] 06/3/2020 20:03

Harry needs to talk the Ethiopia Govt. into a similar loan facility to Saudi.

That would just be another process which takes an unknown amount of time to complete!

[molatovkid] 06/3/2020 19:28

Harry needs to talk the Ethiopia Govt. into a similar loan facility to Saudi.

[tyler durden1] 06/3/2020 19:14

what incentive is there to get their act together when they are paid in shares. Each delay is more salary, more shares and what activity is there to earn the salaries when the activities are delayed?

[molatovkid] 06/3/2020 19:05

The other point worth remembering is that the Saudi finance looks like it will be in-house loan facilities....no need to issue shares there hopefully. Thank god!

That leaves KEFI to get their act together and finance Ethiopia.

[tyler durden1] 06/3/2020 19:03

Yes, he could have spent the time on his farm, his Cyprus home etc. etc., but how much nicer to draw a salary? Did he not take shares in lieu of salary, or have I got this wrong, so we have the situation of a lack of progress and delays hitting the share price and in converting salary to shares at a low share price where is the motivation to improve the share price when you get so many more shares converting salary?

[mab] 06/3/2020 18:49

Molatovkid
Wisest words said all day. Harry still confident tulu kapi going ahead 100% just a 3 month odd delay to major works because of elections. Still a 10 to 1 risk reward investment here going by size of tulu n hawaih but as u mused more patience required. Still big country and lesser project risks but you take ur chances eh.