rise11 Jun 2018 09:51
"We are delighted to have agreed terms with the Ethiopian investment syndicate, which further strengthens our alignment with local stakeholders for our Tulu Kapi project. Their investment on roughly the same terms as the Ethiopian Government means that c.46% of the Project equity will now be held by the Ethiopian Government and local investors to complement the other benefits.
"KEFI's remaining c.54% beneficial interest in the Project, along the lines previously foreshadowed, gives the Company an implied valuation of US$66 million based on these transaction metrics, whilst not including any value for the Tulu Kapi underground deposit or the exploration prospects in Ethiopia and Saudi Arabia, the largest countries within the highly prospective Arabian Nubian Shield where KEFI is focused.