KEFI Gold and Copper plc (LON:KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, has announced that is has successfully raised gross proceeds of £34 million, (approximately US$45 million) before expenses, via the issue of 2,814,681,378 new Ordinary Shares at a price of 1.2 pence per share. The Issue Price represents a discount of approximately 15 per cent. to the closing price per existing Ordinary Share as of 19 March 2026 (the latest practicable date prior to this Announcement).
The Placing was oversubscribed, receiving strong support from existing and new investors, allowing the Company to broaden its institutional following and market support. KEFI’s management team actively participated in the structuring and allocation of the Placing.
Concurrent with the Placing, the Company is undertaking a retail offering to eligible retail investors (the “Retail Offering”) for up to £1 million (approximately US$1.3 million). The results of the Retail Offering will be announced in due course.
The Company also intends to issue up to 71,048,917 new Ordinary Shares (the “Subscription Shares” and, together with the Placing Shares and the Retail Shares, the “New Shares”) at the Placing Price to certain service providers of the Company to settle outstanding fees totalling approximately £853,000 (the “Subscription”).
KEFI Gold and Copper Founder and Executive Chairman, Harry Anagnostaras-Adams, commented:
“This strong and oversubscribed equity raise, driven by significant institutional demand, is a clear endorsement of KEFI’s strategy and the quality of the Tulu Kapi project. The increased scale of the fundraising ensures that Tulu Kapi is now fully funded through development, replacing some higher cost capital and positioning us to move forward with confidence. Importantly, it also provides the funding to accelerate our substantial broader growth opportunities by advancing our highly prospective strategic exploration portfolio, both underground at Tulu Kapi and more widely. We believe this marks a pivotal step in unlocking substantial value for KEFI shareholders, both at Tulu Kapi and in the longer-term across a wider asset base. In addition, the institutional investor support we have received positions the Company well for its intended transition to the Main Market of the London Stock Exchange in due course.”
Settlement of the Placing Shares, Posting of Circular and Notice of General Meeting
As set out in the Company announcement dated 19 March 2026, it is expected that the Placing Shares will be settled in two tranches. The first tranche of Placing Shares (the “First Tranche Placing Shares”), consisting of 589,000,000 new Ordinary shares (representing approximately 5.5% of the Company’s existing issued share capital) is expected to settle on or around 8.00 a.m. on 24 March 2026. Settlement for, and Admission of, the 2,225,681,378 second tranche of Placing Shares (the “Second Tranche Placing Shares”), the Retail Shares and the Subscription Shares (representing approximately 22% of the Company’s existing issued share capital) will be subject to the passing of the Resolutions at the General Meeting to be held on or around 14 April 2026. The Company will publish a Notice of General Meeting setting out the shareholder resolutions requiring approval, and the Board’s recommended support for it, the week commencing 23 March 2026. The First Tranche Placing Shares will not require or be conditional upon further shareholder approval.
Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 5:07 p.m. on 19 March 2026.
Total Voting Rights
Application has been made to the London Stock Exchange for Admission of the 589,000,000 First Tranche Placing Shares to trade on AIM and it is expected that Admission will become effective and that dealings in the First Tranche Placing Shares will commence at 8.00 a.m. on or around 24 March 2024. Following Admission of the First Tranche Placing Shares, the total issued share capital of the Company will consist of 11,339,979,447 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 11,339,979,447 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.
