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LONDON (Alliance News) - KEFI Minerals PLC Monday said it has raised GBP666,106 before expenses through a conditional share placing, after it decided not to proceed with a placing it had previously agreed with Goldfields Resources Fund.
In a statement, the gold explorer said it had placed 66.6 million new shares at 1 pence each. It will also seek permission from shareholders to issue shares, after reaching its current authority limit. Its directors also intend to subscribe for GBP250,000 of shares once the company has the permission to issue them.
The placing comes after KEFI allowed a previous placing deal it had with Goldfields to expire. The long-stop date for this placing had already been extended to May 8 to give Goldfields the time it needed for settlement of its GBP3 million subscription on the terms previously agreed and announced.
"The directors of Goldfields have re-affirmed their desire to make KEFI their maiden investment, but will now only be in a position to do so should Goldfields successfully close its subscription, which it expects to have completed by 2 June 2015," KEFI said in a statement.
KEFI Minerals shares were down 5.3% at 0.900 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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