Kefi advances Tulu Kapi financing, shares rally

(Sharecast News) - Exploration and development firm Kefi Gold and Copper said on Monday that the signing of the $240m Tulu Kapi Gold Project debt capital offering was now expected to take place this week. Kefi said the signing followed "a procedural matter", which was now resolved, that was required to be addressed by one syndicate party last week.

The AIM-listed firm stated the overall process remained unchanged from the steps and schedule previously set out, with various construction projects already underway and advancing as part of the sequenced launch of the full $340m project, and with project equity capital arrangements advancing.

Kefi also said it has unused working capital resources and undrawn facilities in place, pending the drawdown of full project finance.

Chairman Harry Anagnostaras-Adams said: "The process for full launch of Tulu Kapi continues intensely on all fronts with all parties, with all steps remaining scheduled for this month and next in accordance with the Tulu Kapi Project syndicate's agreed schedule.

"With the gold price at a record high, this is the perfect time to be launching Tulu Kapi, and I look forward to providing a further update in the near term."

As of 1055 BST, Kefi shares had surged 18.92% to 1.43p.





Reporting by Iain Gilbert at Sharecast.com