KEFI shares jump on Tulu Kapi project funding

(Sharecast News) - The share price of KEFI Gold and Copper jumped into positive territory on Monday after the miner said the $240m debt offering relating to its Tulu Kapi Gold Project has now been signed by all relevant parties. The project's debt capital has been formally offered and accepted, moving the company one step further to launch the full $340m development project.

KEFI will now focus on closing the equity-risk capital, and commitments and proposals have already been received for investment that exceeds the required $100m, mainly from local investors and African specialist funds.

"This has triggered further activity at site as part of the launch of full project development this month and is allowing the remaining equity proposals to be finalised amongst the assembled local and specialist investors," said KEFI chair Harry Anagnostaras-Adams.

"With the gold price at a record high, this is the perfect time to be launching Tulu Kapi," he said.

The stock, which was struggling for direction for most of the session, was up around 5% at 1.8p by 1503 BST.