KEFI Minerals - Convertible loan note restructuring
On 5 August, KEFI announced the restructuring of its £4m working capital convertible loan facility (of which £3.1m remained undrawn) into a new £1.5m facility, with £1.6m of the original convertible facility still remaining available to it. Importantly, neither the original loan facility nor the new loan facility will henceforward have any security attached to them, which will allow KEFI maximum flexibility in structuring the remaining portion of Tulu Kapi’s funding, which could now potentially ‘include a larger initial Project equity investment by Ethiopian private sector investor, ANS Mining Share Company’.Kefi Minerals is a gold miner. Co. is engaged in the exploration for mineral deposits of precious and base metals and other minerals that appear capable of commercial exploitation, including topographical, geological, geochemical and geophysical studies and exploratory drilling. In addition, Co. evaluates mineral deposits determining the technical feasibility and commercial viability of development, including the determination of the volume and grade of the deposit, examination of extraction methods, infrastructure requirements and market and finance studies. Co.'s exploration activities are located in the Kingdom of Saudi Arabia (through the jointly controlled entity) and Ethiopia.
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