Gold explorer KEFI Minerals (LON:KEFI) has raised £550,000 to complete the pre-feasibility study (PFS) on its Jibal Qutman prospect in Saudi Arabia.
The company’s joint venture in Saudi Arabia, Gold & Minerals, aims to finish the PFS and lodge an application for its first mining licence early next year.
A maiden JORC resource in May showed an inferred resource of 313,000 ounces of gold at Jibal Qutman, which will be mined by a shallow open cut pit between 60 and 70 metres deep.
The placing was priced at 2.1p, a small discount to the closing price the day before the placing was announced.
EMED Mining (LON:EMED), which has a 15% stake in KEFI, will subscribe for 2.38 mln of the 26.2mln shares placed.
Jeff Rayner, KEFI’s managing director, said: "I am very pleased that, despite the difficult market conditions, we have been able to raise the funding required to allow us to continue to accelerate our pre-feasibility study in line with our planned timetable.
“KEFI Minerals is now fully funded for the previously announced work programme and feasibility study at Jibal Qutman."