RE: Kefi interview20 Jun 2023 20:49
From kefi website Q and A section
Final $20 million of TK funding package?
Q: As a long term shareholder, I want to personally thank you and all of the team at Kefi who have worked so hard to achieve the outcome of meeting all of the requirements precedent to final funding of the Tulu Kapi mine by the Syndicate.
I wonder if you could clarify the timescale for the final $20 million of the funding package? In addition I would be extremely grateful if you could confirm whether the binding financial signing cannot happen until the $20 million is finalised?
A: We now focus on final Board and committee approvals and then signing of detailed documents agreed with all, including government.
Upon final Board and committee approvals we will keep satisfying procedural conditions (insurances, document registration, bank account openings) and, importantly, mobilise into the field to formalise resettlement agreements with the hundreds of landholders. This will take a 2-3 months so that there is no accusation of railroading the community. Upon independent certification of community readiness, we finalise the last brick in the wall $20M and issue notices to proceed to contractors. We plan to avoid the stock market for the $20M, by focusing on regional investors as we have done for the other $370M. we just cannot finalise that last piece until we are a little further along, as set out above.
We understand the stock market is weak (not just for KEFI) and will continue to emphasise funding at the subsidiary and project level. We have built many deep relationships in these countries over our 15 years in the Arabian-Nubian Shield. Most of us have lived in these countries most of this time.
Posted 20 June 2023
More or less what was said in the RNS and proactive bit they expect not to need to go to the stock market.
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