TIDMKEFI
RNS Number : 2270Y
KEFI Minerals plc
01 March 2017
1 March 2017
KEFI Minerals plc
("KEFI" or the "Company")
Results of General Meeting
KEFI Minerals (AIM: KEFI), the gold exploration and development
company with projects in the Kingdom of Saudi Arabia and the
Democratic Republic of Ethiopia, is pleased to announce that at its
General Meeting held today, all resolutions were duly passed.
Consolidation of Ordinary Shares
Following the passing of the resolutions, all Shareholders on
the register as at the close of business today, 1 March, will
receive one New Ordinary Share of nominal value 1.7 pence each for
every 17 Existing Ordinary Shares of nominal value 0.1 pence
each.
CREST Shareholders' accounts will be credited with the New
Ordinary Shares to which they are entitled under the Consolidation
tomorrow, 2 March 2017, being the effective date of the
Consolidation.
New share certificates will be issued to non-CREST Shareholders
in substitution for their existing share certificates within 14
days. All existing share certificates will be invalid and will be
cancelled and new share certificates are expected to be despatched
to those Shareholders who hold their Existing Ordinary Shares in
certificated form, on or before 15 March 2017.
Immediately following the Consolidation (and prior to the issue
of the Fundraising Shares) the number of New Ordinary Shares in
issue and admitted to trading on AIM will be 228,407,085.
Admission of the Fundraising Shares and Total Voting Rights
Application has also been made to the London Stock Exchange for
admission of a total of 104,295,888 New Ordinary Shares to trading
on AIM. Admission is expected to become effective and dealings will
commence at 8.00 a.m. on 2 March 2017.
Following the Consolidation and completion of the Fundraising,
the Company's issued ordinary share capital will comprise of
332,702,973 New Ordinary Shares each with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of voting rights in the Company will be
332,702,973 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 Guidance and Transparency Rules.
Capitalised terms used in this announcement, unless otherwise
defined, have the same meaning given to them as in the announcement
issued by the Company on 13 February 2017.
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams
(Executive Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance
LLP (Nominated Adviser)
Ewan Leggat, Jeff Keating +44 20 3470 0470
Brandon Hill Capital Ltd
(Joint Broker)
Oliver Stansfield, Alex
Walker, Jonathan Evans +44 20 7936 5200
RFC Ambrian Ltd (Joint Broker)
Jonathan Williams +44 20 3440 6817
Beaufort Securities Ltd
(Joint Broker)
Elliot Hance +44 20 7382 8300
Luther Pendragon Ltd (Financial
PR)
Harry Chathli, Claire Norbury,
Ana Ribeiro +44 20 7618 9100
NOTES TO EDITOR
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects
within the highly prospective Arabian-Nubian Shield, with an
attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal
Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus
significant resource growth potential. KEFI targets that production
at these projects generate cash flows for further exploration and
expansion as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
Since the acquisition by KEFI in December 2013 of 75%
(subsequently increased to 100%) of the Tulu Kapi Gold Project
("Tulu Kapi"), the Company has overhauled the project plans:
-- Expanded the Indicated Resource by 50%; completely and
successfully overhauled the development and operating plan;
completed several independent cycles of due diligence on the
optimised plans; received full permitting for development and
operation; signed a bilateral agreement with the Government of
Ethiopia setting out the fiscal regime for life of mine; and
installed the project construction management team, project
contractors and the lead bank.
-- In August 2015, KEFI published the 2015 Definitive
Feasibility Study setting out capital requirements at US$176
million on an owner-operated basis, reduced from US$289 million
estimate of the previous owner. We also confirmed community
resettlement plans.
-- Subsequent refinements and the terms of appointment of the
project contractors in October 2015 reduced the previous owner's
estimated capital requirement of c. US$300 million to KEFI's
estimate of US$150-160 million, which has since been the focus of
the financing syndicate with a view to striking an appropriate
balance between risk-mitigation and equity dilution.
-- Tulu Kapi's annual gold production and All-in Sustaining
Costs are estimated at c. 115,000oz pa from the open pit alone and
c. US$724/oz to US$752/oz at a gold price range of US$1,000/oz to
US$1,400/oz, placing it in the most competitive quartile when
measured against existing gold producers globally.
-- The project now has soundly-based robust economics and
significant growth potential beyond the existing Ore Reserves
estimate of 15.4Mt at 2.12g/t gold, containing 1.05Moz.
-- KEFI is in the midst of assembling the development financing for Tulu Kapi.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner Abdul Rahman Saad Al-Rashid & Sons Company Limited
("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. To date, G&M has conducted preliminary
regional reconnaissance and has had five exploration licences
("ELs") granted, including Jibal Qutman and the more recently
granted Hawiah EL that contains over 6km strike length of
outcropping gossans developed on altered and mineralised rocks with
all the hallmarks of a copper-gold-zinc VHMS deposit.
At Jibal Qutman, G&M's flagship project, Mineral Resources
are estimated to total 28.4Mt at 0.80g/t gold for 733,045 contained
ounces. The shallow oxide portion of this resource is being
evaluated as a low capital expenditure heap-leach mine
development.
ARTAR, on behalf of G&M, holds more than 20 EL applications
that cover an area of over 1000km2. 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 instituted 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 company news service from the London Stock Exchange
END
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