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I'm not reading this as some are...
It appears that these are existing 'granted' licences that were up for renew, and, given the EG are paying close scrutiny to licences, and their renewal, I think this bodes well for the faith the ministry has in Kefi and it's efforts to date.
IMO
I'm excited about this share as anyone, but we need the permit to drill before this really takes off... patience required for now.
Loz, did you really mean £5?
Is this the same bloke:
https://find-and-update.company-information.service.gov.uk/officers/nC7e2AVlkzW2hPa2uRtgExT6gqM/appointments
"H.E. Dr. Muktar Kedir, Ambassador-Designate of Ethiopia to Australia meets with Mr. Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold & Copper PLC
April 30, 2021 Embassy News
On the 29th of April 2021, H.E. Dr. Muktar Kedir, Ambassador-Designate of the Federal Democratic Republic of Ethiopia to the Commonwealth of Australia had a dialogue with Mr. Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold & Copper PLC.
H.E the Ambassador-Designate extended his appreciation to the Executive Chairman and his team for choosing Ethiopia as their investment destination. H.E Dr. Muktar also noted that the government of Ethiopia is committed to executing an ambitious economic reform that makes the mining sector a key priority to drive industrialization.
Mr. Harry, in his part, briefed the Ambassador-Designate about the progress of the project at Tulu Kapi, and the remaining tasks that need to be completed, in the coming months, to start production. He noted that once completed, the project will be the biggest single export generator for the country; and created thousands of direct and indirect jobs for local people."
Very few here will invest in Ethiopia again if the government mess this up.
In the company's response:
"Only last week we had formal Meetings of TKGM Shareholders, Board of Directors and Project Task Force (comprising senior representatives of TKGM and all involved Government agencies) which agreed the tasks and timetable for development to commence."
The Reuters article notes:
"Ethiopia has cancelled 27 idle mining licences and sent warnings to three companies, the mines ministry said on Friday, as the government looks to spur production."
Quite right... give Kefi a kick up the uknowwhat... just hope they cc'd themselves in as they are part of group!
http://www.undp.org/content/dam/armenia/docs/FINAL%20REPORT%20KARABERD-ENG.pdf
The Tulu Kapi Gold Project (the "Project" or "Tulu Kapi") remains on track overall, in line with previous guidance with the financial closing program having commenced and remaining in progress. Notably, the project finance consortium remains focused on:
· approval and execution of detailed finance documentation in the current quarter, Q2 2021;
· receipt of Project equity/subordinated debt subscriptions to settle following the KEFI Annual General Meeting in June 2021 and senior debt drawdown to then follow in H2 2021; and
· production commissioning of the open pit mine to start in Q4 2022.
17th March 2021:
In accordance with the Option Scheme, the directors have approved the issue of 119,747,339 Options over new
ordinary shares of the Company (“Ordinary Shares”) to certain directors and senior managers (the "Options"). The
Options have an exercise price of 2.55p per Ordinary Share, representing a c.27% premium to the VWAP during the
week ending 12 March 2021. The Options expire after 4 years and, in normal circumstances, vest in three equal
instalments, the first after one year, the second after two years and the third after three years from the date of grant.
Following this grant of Options, there will be 145,229,182 options outstanding under the Option Scheme over
approximately 6.8% of the currently issued Ordinary Share capital of the Company. Under the terms of the Option
Scheme options over a maximum of 10% of the Company’s share capital may be issued.
Details of the Options granted today to the following persons who discharge managerial responsibilities ("PDMRs")
are set out below, with further details contained in the appended tables below:
A further 33,933,491 Options have also today been granted to other members of the Company's management team.
True; but it's only part of £3.3M he's trying to get... and likely to be done through Shore Cap so hopefully won't impact upon the share price... I hope:
Ferro-Alloy Resources Limited ("Ferro-Alloy" or the "Company") (LSE: FAR) announces that the Company has recently undertaken a marketing exercise with a limited number of potential investors to seek to place shares for Nick Bridgen, Chief Executive Officer of the Company, in order to make partial payment towards an existing c. £3.3 million outstanding divorce settlement with his ex-wife. Given the unprecedented market volatility and lack of liquidity due to Covid-19 there has not been sufficient demand to successfully complete the planned placing.
As a result of the uncertainty as to the length of the disruption being caused by Covid-19, Mr Bridgen has agreed to enter into a 12 month lock-in over the 64,738,800 ordinary shares in the Company he holds (subject to waiver by Shore Capital and to certain customary exceptions) (the "Lock-in"). Mr Bridgen was subject to a 12-month orderly marketing arrangement entered into in conjunction with the IPO of the Company, that was set to expire on 21 March 2020, the Lock-in replaces this orderly marketing arrangement.