Gold and copper explorer KEFI Minerals PLC (AIM: KEFI) said it raised £450,000 before expenses through the placing of 36 million shares at 1.25 pence each to fund on-going strategic initiatives and further exploratory work on its highly prospective exploration areas in Turkey and Saudi Arabia where KEFI Minerals is operator of exploration joint ventures.
In addition to the money raised from external placees, EMED Mining Public Ltd (AIM: EMED) has informed KEFI of its intention to subscribe for a further £100,000 worth of shares at the placing price, and Fox Davies Capital Ltd has agreed to subscribe for £40,000 worth of shares at the same price.
Managing Director Jeff Rayner said: "We are appreciative of the ongoing capital markets support for our company and are excited by the prospectivity in the Kingdom of Saudi Arabia where we recently launched our new joint venture with local conglomerate ARTAR. At the same time our field activities in Turkey continue to focus on our role as operator of the exploration joint venture with Centerra Gold of Canada."