By: Creamer media

This follows Kefi’s announcement on March 19 regarding the launch of a fundraising comprising a firm placing, a conditional placing and a conditional subscription in conjunction with a RetailBook offer.

The company will use the proceeds of the fundraise to conclude the $330-million funding requirement for the Tulu Kapi project, in Ethiopia.

The proceeds will also be used to reinitiate exploration activities for Kefi in Ethiopia, enabling the company to continue to add value for shareholders.

Finally, the proceeds will also be used to fund a cost overrun cash reserve, as well as general working capital purposes, thus mitigating against any unforeseen cost escalation or delays to the Tulu Kapi project development.

Following the close of the RetailBook offer, the company says it has conditionally raised gross proceeds of about £35.6-million at the issue price through the fundraising.

The company will, therefore, be required to issue and allot a total of 2.96-billion new ordinary shares to satisfy the fundraising.