Breaking it down6 Jul 2023 12:47
Https://www.investormeetcompany.com/investor/meeting/post-agm-investor-presentation-6
(Ok breaking it down to the two area shareholders will want to know about one what stage is TK at and any imminent cash raising. My comments in brackets. We are at the stage where its down to credit and board approvals.)
Q4: Can you please confirm if the debt financing is currently with credit and when you expect this be completed?
Yes, as reported at the AGM it is being processed for committee and board approvals of equity, debt and contracting by the banks, contractors and lead-equity we do not feel at liberty to further comment on the internal processes of third parties
Q6: Can you please confirm when you expect investors will have signed the definitive agreements and is this a pre requisite of the bank confirming the debt financing?
It is the other way round as set out at the AGM. ,committee and credit approvals are the key, by providing the delegated authorities for signing the definitive documentation.
Q7: Is Kefi on track to start development of this mine later this year? Apart from now definitive agreement signing and banks signing off debt is their any other test that might hold this process up as you confirmed that the Ethiopian government have completed all steps needed to move forward?
Yes, and please refer to the statements and presentations made to the AGM
Q34: Is loan documentation with the two key banks substantially complete, pending Credit Committee approval or are there material matters to be negotiated
The Initial Umbrella Agreement since mid-2022 , the 40-page terms sheet signed in January 2023, the Final Umbrella Agreement April 2023 and the facility agreement drafted since. it should not take long to sort any fine print once boards and committees approve.
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(Does kefi expect to raise money in the near term..No.)
Q12: You are now hopeful that TK financing can be completed without further funding at PLC level, does this mean if the warrants get exercised those funds can be used for general running costs and towards Jibal Qutman financing?
Yes
Q30: In the accounts it was mentioned that further funding would be required in Q3. How much more funding is likely to be needed?
As at 30 June 2023 we had no net liabilities, and undrawn standby facilities which have been used historically for periods up to six months.
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