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KEFI Minerals Plc

KEFI Minerals plc Triggers next stage of financing

KEFI Minerals (LON: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has today announced that, following the Ethiopian Government’s commitments to allow the Company’s Tulu Kapi Gold Project infrastructure financing and overall development plan to proceed as previously outlined, the Company has triggered the next stages of its engagement with its bond arranger and exclusive placing agent, ACT Capital GmbH.

In light of the overall progress with Government clearances, Project due diligence and indicative structuring and pricing, the next stages include the formation of KEFI’s Luxembourg-based company which would issue the planned listed bond. The bond issue will be subject to the satisfaction of compliance procedures, including those of the various institutions/banks and listing authorities, and then the successful private placement of the planned listed bond. All these processes are being co-ordinated with other Project matters by KEFI within the Project consortium which includes the principal contractors, Lycopodium (process plant), Ausdrill/AMS (mining) and MKS/PAMP (gold refining) and the Ethiopian Project equity partners in the Government and private sectors. All consortium members have responded enthusiastically to the Ethiopian Government’s “green light” to trigger the Project after KEFI’s Managing Director, Mr. Harry Anagnostaras-Adams, met the Ethiopian Prime Minister, Dr. Abiy Ahmed, as detailed in the Company’s announcement of 5 March 2019.

ACT Capital is a Switzerland-based boutique financing arranger with complete capital sourcing capability and a focus on the infrastructure markets. It specialises in advising small and mid-size companies that require private debt and alternative financing by providing solutions that are adapted to the challenging environments of Emerging and Frontier Markets. ACT Capital manages assignments from inception stage through to final private placement and disbursement.

KEFI Minerals plc 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.