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Beaufort Securities Breakfast Alert KEFI Minerals
Yesterday, KEFI Minerals announced that it has raised £666,106 gross through the placement of 66.6 million ordinary shares in the company at a price of 1p per share. The company placed the shares after the agreement with the Goldfields lapsed as the latter missed their deadline of 8th May 2015 for an investment of £3m in the company. Following the aforementioned issue, the company would have fully utilized its delegated authority for the issue of further ordinary shares. Hence the directors of the company would seek authority from the shareholders to issue additional shares at the next month AGM. Directors have indicated their intention to inject a further £250,000 in the company through ordinary shares. Separately, the company’s Tulu Kapi gold project remains on track and requires a financing of approximately US$120m from Q4 2015.
Our view: The decision to forego funding from Goldfields and go ahead with the placement of shares to raise money signifies the management’s confidence and ability to generate funds for the seamless progress of its projects. Kefi is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, comprising of the highly prospective Tulu Kapi and the Jibal Qutman’s. The recent geophysical survey results at Hawiah site have revealed the presence of a significant metal-bearing body at depth while the drilling and trenching work at Red Hill and other prospects have signalled an increased mineralisation zone at Jibal Qutman. The company expects to conduct more detailed geophysical studies to further refine the anomalies encountered and identify targets to be drill tested. Separately, the recent JORC compliant resource update for the Tulu Kapi project in Ethiopia is likely to bring in financers for the project. Thus, given the upbeat results from the ongoing exploration programme at the assets across Saudi Arabia and the Democratic Republic of Ethiopia, we reiterate a Speculative Buy rating.
www.proactiveinvestors.co.uk/columns/...-and-others-18360.html
Yesterday, KEFI Minerals announced that it has raised £666,106 gross through the placement of 66.6 million ordinary shares in the company at a price of 1p per share. The company placed the shares after the agreement with the Goldfields lapsed as the latter missed their deadline of 8th May 2015 for an investment of £3m in the company. Following the aforementioned issue, the company would have fully utilized its delegated authority for the issue of further ordinary shares. Hence the directors of the company would seek authority from the shareholders to issue additional shares at the next month AGM. Directors have indicated their intention to inject a further £250,000 in the company through ordinary shares. Separately, the company’s Tulu Kapi gold project remains on track and requires a financing of approximately US$120m from Q4 2015.
Our view: The decision to forego funding from Goldfields and go ahead with the placement of shares to raise money signifies the management’s confidence and ability to generate funds for the seamless progress of its projects. Kefi is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, comprising of the highly prospective Tulu Kapi and the Jibal Qutman’s. The recent geophysical survey results at Hawiah site have revealed the presence of a significant metal-bearing body at depth while the drilling and trenching work at Red Hill and other prospects have signalled an increased mineralisation zone at Jibal Qutman. The company expects to conduct more detailed geophysical studies to further refine the anomalies encountered and identify targets to be drill tested. Separately, the recent JORC compliant resource update for the Tulu Kapi project in Ethiopia is likely to bring in financers for the project. Thus, given the upbeat results from the ongoing exploration programme at the assets across Saudi Arabia and the Democratic Republic of Ethiopia, we reiterate a Speculative Buy rating.
www.proactiveinvestors.co.uk/columns/...-and-others-18360.html
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