KEFI Gold and Copper (LSE:KEFI) has completed the RetailBook portion of its latest equity fundraising, conditionally raising about £941,574 through the issuance of 78,464,474 new shares priced at 1.2 pence each. Combined with the previously announced firm and conditional placings and subscriptions, the total capital raised now amounts to approximately £35.6m, requiring the issue of 2,964,194,769 new shares.
The RetailBook proceeds, along with the wider fundraising, remain subject to shareholder approval at a general meeting scheduled for mid-April and the admission of the new shares to trading later that month. Strong participation in the RetailBook offer supports KEFI’s plans to progress its development projects in Ethiopia and Saudi Arabia. However, the scale of the new share issuance will lead to significant dilution for existing shareholders once the transaction is completed.
The company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue, ongoing losses and persistent cash burn. Technical indicators provide some support, with the share price trading above key moving averages and a positive MACD signal. Nevertheless, valuation remains challenging due to negative earnings and the lack of a stated dividend yield.
More about KEFI Gold and Copper
KEFI Gold and Copper is a UK AIM-listed exploration and development company focused on gold and copper assets located along the Arabian Nubian Shield. Its core portfolio includes projects in Ethiopia and Saudi Arabia, positioning the group within emerging mining jurisdictions that offer significant potential for both precious and base metals development.
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