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KEFI Kefi Gold And Copper Plc

0.557
-0.015 (-2.62%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kefi Gold And Copper Plc LSE:KEFI London Ordinary Share GB00BD8GP619 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -2.62% 0.557 0.55 0.564 0.596 0.55 0.596 37,064,507 16:35:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 0 -6.36M -0.0013 -4.23 27.31M

KEFI Minerals plc Confirmation of Share Capital Reorganisation (3677E)

04/07/2019 7:00am

UK Regulatory


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TIDMKEFI

RNS Number : 3677E

KEFI Minerals plc

04 July 2019

4 July 2019

KEFI Minerals plc

("KEFI" or the "Company")

Confirmation of Share Capital Reorganisation

No Change in Ordinary Shares in Issue

At the AGM on 28 June 2019, KEFI Minerals plc passed a resolution approving that each of the currently issued ordinary shares of 1.7p ("Existing Ordinary Shares") in the capital of the Company be sub-divided into one new ordinary share of 0.1p ("New Ordinary Shares") and one deferred share of 1.6p ("Deferred Shares"). With effect from 8 July 2019 at 8.00am, each ordinary share in the Company will therefore have a nominal value of 0.1 pence per share.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM with admission ("Admission") expected to occur on or around 8 July 2019.

Total Voting Rights

The number of New Ordinary Shares in issue remains 680,767,504 which is unchanged from the number of Existing Ordinary Shares. The Deferred Shares will have no value or voting rights and shareholders will not be issued with a share certificate in respect of the Deferred Shares.

Following Admission of the New Ordinary Shares, the total issued share capital of the Company will consist of 680,767,504 ordinary shares, each with voting rights. The Company does not hold any Ordinary Shares in treasury. The total number of voting rights in the Company will, therefore, be 680,767,504 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Further information on the resolutions was included in the Notice of AGM circular published on 5 June 2019 and available on KEFI's website at www.kefi-minerals.com.

Enquiries

 
 KEFI Minerals plc 
 Harry Anagnostaras-Adams (Managing Director)    +357 99457843 
 John Leach (Finance Director)                   +357 99208130 
 
 SP Angel Corporate Finance LLP (Nominated 
  Adviser and Joint Broker)                      +44 (0) 20 3470 0470 
 Jeff Keating, Soltan Tagiev 
 
 Brandon Hill Capital Ltd (Joint Broker)         +44 (0) 20 7936 5200 
 Oliver Stansfield, Jonathan Evans 
 
 SVS Securities Plc (Joint Broker)               +44 (0) 203 700 0078 
 Tom Curran / Ben Tadd 
 
 IFC Advisory Ltd (Financial PR and IR)          +44 (0) 20 3934 6630 
 Tim Metcalfe, Heather Armstrong 
 

Notes to Editor

KEFI Minerals plc

KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.

KEFI Minerals in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.

KEFI Minerals in the Kingdom of Saudi Arabia

In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, holds over 20 EL applications. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.

The Kingdom of Saudi Arabia has announced policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

July 04, 2019 02:00 ET (06:00 GMT)

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