Member Info for Smellyben

Listening to it now (should be working!) - I KNOW they said there would be no fundraise and they are going for the loan - they said that about 2 weeks ago - I await hearing the loan terms !!!

I never said they HAD taken the licence off them just that they have THREATENED to if they do not secure funding by 30 June - Ministry said it in a press conference as you well know a few weeks ago ahead of a formal letter that was denied at the timein an RNS but was admitted by the FD at the last update - typical Kefi.

The EG have taken dozens of licences away from miners who havent progressed their licenses - again well publicised just a few weeks ago so why you think Kefi will be immune is beyond me

I'll not post the links because all you have to do is Google it !!

No no no - that is untrue - the finance director said they were in the process of arranging a loan - typical Kefi - not exactly lying but clearly purposely misleading as if it’s a done deal as the auditors said that nothing had been agreed and if it isn’t by end of June the company is no longer a going concern- those are the facts not your rose tinted glasses. Will they get a loan given the current situation with loss of licence - I don’t think so but maybe - it will be at horrendous terms though in my opinion but we will see in the next week I guess

If the loan is achieved I believe t

Oh and on my motivation - I was very nearly burnt badly by Harrys lies - I like to warn other unsuspecting investors who like me at the time may actually believe his RNS and webinar statements - each and every one has not come to pass - I think that is undeniable.

Well last years one they had 3/4 months to arrange - now they have 10 days - also last year they did a deal with RAB capital to buy 12% of the company at a tiny 0.65p - I believe a deal of that nature is being negotiated right now - as another poster sad - death spiral finance IF they can actually convince someone to lend given the recent announcements re potential loss of licence at end of June - we will see.

The audit report is BS?

The auditors highlighted IF they don’t get a loan within the next 10 days the company will cease to be a going concern - I think the realisation of such a loan and what terms would be an RNSable event. Note they say nothing has been agreed as at the time of their report on the proposed loan

From the auditors report from last week.

We draw your attention to note 2 of the financial statements which explains that the Parent Company and the Group's ability to continue as a going concern is dependent on the Company's ability to raise adequate financing from lenders, shareholders or other investors before the end of June 2021, in order to meet operational commitments and overheads. There are currently no unconditional or binding agreements in place and there is no guarantee that any course of funding will proceed. The Group also relies on the continued management of its payable balances through ongoing negotiation with management and suppliers. Their deferral is not guaranteed by any binding agreement. These conditions indicate the existence of a material uncertainty which may cast significant doubt over the Parent Company's and the Group's ability to continue as a going concern

From finance directors report -

As at the date of approval of the financial statements, the Group will require some further bridging short-term financing to fund activities until financial close. The Company has arranged funding facility options that it is able to drawdown and use when funding is considered necessary during this period. The Company has used this type of funding in the past successfully. The Company and Group are managing payables through continuing negotiation with its management and its suppliers, with the support of its Corporate Broker whilst it focuses on completing the project financing at Tulu Kapi. The forecasts show that the Group will require further funding before the end of June 2021 in order to fund working capital and other obligations.

Skylar It amuses me that you expect anyone to listen to a thing you say - quite the reverse - when obviously paid derampers come on with 1 post giving expert advice my reaction is to pile in more !

I’ve added today - now close to 2m - and will sell others if this keeps falling- I can’t understand the PI unrest - what will be will be - if the BOD manage to deliver as I think they will wonderful if not bugger my mistake - but the daily ups and downs of the SP are neither here nor there - if you think the fact they have immense assets and are working on a sale to a credible party to maximise shareholders ie their value is worth investing in just ignore the noise. If you think it is somehow a big con then avoid/short/sell - fact is every update has been positive, every macro factor has moved significantly in EUAs favour and the answer should be clearer in a matter of a few weeks- certainly I’m hoping for some more info at the AGM on the outlines of the deal and valuation which I think is not unreasonable to expect.

Jones suggest you look at the Finance Directors report earlier in the week where they did admit they have been warned by the EG despite previous denials - perhaps you should read the RNSs a tad more carefully..... As for the latest report of revoking the licence - I'm told a proper English language version will come out this weekend - agree the current translation is difficult to read - if it says what has been intimated you may have just lost 30% of your portfolio!

On the "HArry said" point - it surely has been proven by now that you cannot trust a single thing that comes out of the mans mouth after more than a dozen missed deadlines - the last one about the EG letter was astonishing in its deceit.

exactly correct re financing Rob - IF they do manage to get someone to lend them the money the dilution will be painful - in about 18/24 months the share register has increased from circa 400m in issue to 2.3 billion with tens of millions more in various warrants and options. This new fundraise could add another 500m shares who knows (but frankly I cant see anyone lending with the likely collapse of the company - perhaps they can sell their share in Saudi to stave off the wolves or something dunno - but its OK I'm gonna stop posting now - I think I have made my point

Possibly the EG will take that view Robin and maybe they already have a replacement lined up with the finance to start immediately and who will share a larger part of the mine proceed - who knows - but do you seriously expect a finance partner to extend funds to Kefi to pay all their outstanding creditors (who they havent been paying as per auditors report) and to keep paying the Board etc with this hanging over them ? Would you ? And if so under what terms - I doubt its a lovely little 8% p.a - more like a convertible loan with 25% coupon and convertible into hundreds of millions of shares at 1p or something

Errr Matt - the FD announced they were in the middle of a trying to fundraise in a couple of RNSs ago - I got that EXACTLY correct (to the day nearly ) !!!

As I said lets see how that goes when the news report is they have got to June 23rd before the EG pulls the licence - cant see anyone lending now

I think you chaps are missing an important point. Whether or not the news report is true about licence revoked on 23 June. And given the fact that the last warning WAS true despite Kefi denials - the fact remains that the company said it would no longer be a going concern if they did not receive an unsecured bridging loan by 30 June. I don’t know about you but once this article is published in English on Saturday I think the persons providing that loan might well think twice as will the creditors - game over

From the RNS
- We do however avail ourselves of unsecured advances from time to time as arranged by our Corporate Broker, Brandon Hill Capital, to provide working capital pending the achievement of a short-term business milestone. This is taking place now pending the finalisation of the Tulu Kapi financing -

BTW no one seems to have commented on this little nugget from Mr Leach regarding the letter the EG sent them (which they previously denied !!)

- It is important that we now proceed to financial completion in accordance with the latest plans agreed with the Government. Indeed the Government has warned of administrative consequences if we fail to do so

It is clear from the auditors statement that they haven’t been paying creditors and so they desperately need the loan that Brandon Capital are arranging- shudder to think what the terms will be but the auditors point out without it Kefi is bust.

We should at some point soon be informed of the outline of the proposal and a range of valuations - standard in a formal bid situation

Would love to look like a god but it’s simple maths ( I’m not saying they want to have a cash raise - I’m saying they HAVE to do a fundraise but as you say we will find out very soon - if not announced before end of June I’ll leave this board

Well as was established the other day 30 June is a legal requirement for an AGM not a vote of confidence in any way that anything positive will happen

Agree market doesn’t trust Harry - and is correct in that assessment- I’m afraid even if financing were to come the market will have a discount on Kefi s assets while he continues at the helm.