Placing and Admission to AIM
December 18 2006 - 2:01AM
UK Regulatory
RNS Number:0071O
Kefi Minerals plc
18 December 2006
18 December 2006
KEFI Minerals Plc
Placing and Admission to AIM
KEFI Minerals Plc ("KEFI" or the "Company"), the gold and copper exploration
company with projects in Turkey and Bulgaria, announces the commencement of
trading on AIM (Code "KEFI") following the successful placing of 46,666,667
Placing Shares at 3p to raise #1.4 million.
Highlights
*The Company's market capitalisation at the placing price of 3p per share
is #2.66 million;
*Australian institutional shareholder Direct Portfolio Services Limited
has committed to subscribing an additional #50,000 in April 2007;
*KEFI holds exploration licences in Turkey and Bulgaria;
*Ownership of database containing information about approximately 100
prospective sites in Turkey;
*Turkey and Bulgaria have established mining backgrounds;
*Strong management with highly demonstrable track records;
*KEFI able to use original parent company EMED Mining Public Limited's
("EMED") systems and personnel, at cost; and
*Mining opportunities identified by EMED in Bulgaria or Turkey will be
referred to KEFI.
WH Ireland Limited acted as Broker and as Nominated Adviser to KEFI.
Key Statistics
Placing Price 3p
Existing Ordinary Shares 42,000,000
Number of Placing Shares 46,666,667
Enlarged Share Capital 88,666,667
Percentage of Enlarged Share Capital attributable to the
Placing 52.6%
Market Capitalisation of the Company at the Placing Price
on Admission #2.66 million
Gross Proceeds of the Placing #1.4 million
Estimated Net Proceeds of the Placing Receivable by the
Company #1.0 million
The major shareholders in KEFI following the Placing are EMED Mining (38.7%),
Starvest Plc (20.7%) and Directors, Management and their families (9.8%).
In addition to the Placing, institutional shareholder Direct Portfolio Services
Limited has committed to subscribing an additional #50,000 in April 2007 for
1,666,667 new ordinary shares at 3p, to raise its holding to 3.7%.
KEFI's Managing Director, Jeff Rayner, said: "We look forward to KEFI's AIM
float and believe it will be instrumental in raising the profile of the KEFI
group. We are confident that we will be able to exploit KEFI's assets to their
fullest potential."
-Ends-
Enquiries
KEFI Minerals Plc Tel: +905 36963 0111
Jeffrey Rayner +357 9920 6404
Bishopsgate Communications Ltd. Tel: 020 7562 3350
Maxine Barnes
Nick Rome
WH Ireland Limited Tel: 0161 832 2174
Laurie Beevers
Katy Mitchell
Notes to Editors:
About KEFI Minerals Plc (AIM Code: KEFI)
KEFI GEOGRAPHIC FOCUS
Turkey has an established historical mining background with both large and small
scale deposits of various commodities being successfully identified and
developed, predominantly by local entities. Active exploration and development
by foreign mining companies in modern times has been limited. The directors of
KEFI believe that recent gold discoveries and developments in Turkey are
positive indicators of the mineral wealth of the known Tethyan metallogenic belt
and the commitment of the Turkish Government towards supporting and expanding
the mining industry.
Bulgaria also has a long tradition of mining for base metals and precious
metals, and has a number of current operating mines.
KEFI COMPANY HISTORY
KEFI was formed on 24 October 2006 for the purposes of holding EMED Mining's
exploration interests in Turkey and Bulgaria with a view to creating shareholder
value through the discovery and exploitation of gold and copper deposits.
In November 2006, KEFI completed the acquisition of EMED Mining's Turkish and
Bulgarian exploration interests through the acquisition of EMED Mining's
subsidiary Mediterranean Minerals (Bulgaria) EOOD ("MMB") which owns the entire
issued share capital of Dogu Akdeniz Mineralleri Sanayi ve Ticaret Limited
Sirketi. In addition, KEFI acquired a database of mining information relating to
Turkey. The directors of KEFI believe they will be able to develop and realise
the potential of these exploration assets more effectively than was possible
within EMED Mining.
Since December 2004, KEFI has been funded by loans from EMED Mining of
approximately #350,000 and by equity investment totaling #120,000. Out of the
loans provided by EMED Mining, #25,000 has been waived and #300,000 has been
assigned to KEFI as part of the arrangements relating to the acquisition of MMB
by KEFI.
THE KEFI BUSINESS
KEFI and its subsidiaries' (the "Group") exploration assets comprise exploration
licences in Turkey and Bulgaria and the ownership of a database containing
information about further prospective sites in Turkey.
In Turkey, the Group has two projects. It holds fifteen exploration licences in
one project covering an approximate area of 253 square kilometres on
predominantly state forestry land in the Artvin province of north-eastern Turkey
(the "Artvin Project"). It also holds four exploration licences in the second
project, covering an approximate area of 68 square kilometres on predominantly
farming land in the Gumushane province of eastern Turkey (the "Gumushane
Project").
In Bulgaria, the Group has one project area comprising one exploration licence
covering an approximate area of 71 square kilometres on predominantly state
forestry land, farming land and rural villages, which is located approximately
150 kilometres south of Sofia (the "Lehovo Project").
The Group also holds the rights to a proprietary database which contains
information about approximately 100 further prospective sites in Turkey. The
Group has begun to exploit this information in order to provide a pipeline of
new exploration targets.
EMED Mining has agreed, pursuant to an Agreement with KEFI, that any mining
opportunities identified by EMED Mining which are in Bulgaria or Turkey will be
referred to KEFI for the Board's consideration. In addition, pursuant to the
terms of a services agreement between the two companies (the "Services
Agreement"), EMED Mining's technical and administrative systems and personnel
are available for use by KEFI on a cost-recovery basis.
THE KEFI BOARD
* Arisitidis Eleftherios Anagnostaras-Adams, Non-Executive Chairman
Arisitidis Anagnostaras-Adams (BComm, MBA) is currently managing director of
AIM-listed EMED Mining Public Limited. He was formerly managing director of ASX
and AIM-listed Gympie Gold Limited, deputy chairman of Australian Gold Council,
executive director of investment company Pilatus Capital Limited and general
manager of investment company Clayton Robard Limited and Citicorp Capital
Investors..
* Jeffrey Guy Rayner, Managing Director
Jeffrey Rayner is a geologist (BSc Hons) with 20 years' experience in gold
exploration and mining in Australia, Europe and Asia. He joined EMED in 2006 and
has managed its Eastern European projects, resulting in the early drill
discovery of the Biely Vrch gold deposit in Central Slovakia, until he became a
director of KEFI in November 2006.
* Ian Rutherford Plimer, Non-Executive Deputy Chairman
Ian Plimer is the inaugural professor of Mining Geology at the University of
Adelaide. Professor Plimer and John Nethery predicted the location of, and found
a number of, epithermal gold deposits in Greece and Turkey. Ian Plimer has been
a director of CBH Resources Ltd. (ASX:CBH) since 1998 during which time it grew
from A$2 million market capitalisation to a significant zinc-lead-silver
producer with a A$700 million market capitalisation.
* John Edward Leach, Finance Director Non-Executive Director
John Leach is executive chairman of Resource Mining Corporation Limited, a
listed Australian company (ASX:RMI) with iron ore interests in Western Australia
and nickel interests in Papua New Guinea. He is also the chief financial officer
of EMED. Mr Leach is contracted to KEFI pursuant to the terms of the Services
Agreement.
The KEFI Minerals website www.kefi-minerals.com is under construction. In the
meantime, information on KEFI can be viewed on www.emed-mining.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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