Member Info for Smellyben

I really dont get the personal attacks - whatever you think of me or anyone else for whatever reason it doesnt matter - address the issues raised not the person who raised them.

FYI - I called the last fundraise about 3 or 4 weeks ahead of when it happened and got similar abuse but I was right. EVERYONE know that a fundraise is about to happen - even Harry admitted it - what he and no doubt all shareholders hoped was that it would be a price once funding had been secured and was 4 or 5 p - instead it looks like it will be around 1.5p at the current price meaning diluton is about 3 times as much - lower reward , same risk - you might not appreciate this but some folks might - thats why its called a discussion board

Yes - in addition to his CEO/Chairman salary of £320K (ish) - he also has a consultancy contract with Kefi (Yes he gets paid as a consultant for a company he runs) via a Cyprus company that takes out about half a mill a year - year in year out, delays dont bother our Harry

Be good to have the names/numbers of the companies mentioned so we could verify ourselves but if true then fabbo

OK - if that is a genuine question - The difference is one fundraise to to fund the TK project - circa $300m - made up of various elements mainly bank finance still in DD, offtake finance arrangements (no details on this) and equity - part Kefi, part local investors (we think) and part the government. Kefi doesnt have to raise cash for this as it has been agreed that the historical spend on licences, development etc entitles them to a share of circa 65% (final %ages to be agreed once the local investors have made up their minds and put in cash - again uncertain).

The fundraise we are talking about is at the corporate level - the shares you have invested in - (Kefi is more than just TK) which pays Harrys and the boards salary etc, Saudi development, all corporate costs etc - this is where (I believe) they have no more money and will need to dilute imminently . How much depends on how much they want to raise, how long the funding is for, what the dev plans are for Saudi as they have to pay 35% of those, what the appetite is in the market given previous raises etc etc - I'm guessing about 400-500million shares issued for another 6 months where they hope to get over the line with TK but of course that is still very much up in the air

Dshox - if you really dont know the difference between the project funding and the kefi fundraise I'd do a bit more research if I were you - but you were probably only joking.

For information - the last 3 Kefi dilutive fundraises (the worst at 0.65p!!!!) occurred within 2 weeks of a positive market update from HArry - check for yourselves - they happened on 6/1/20, 11/5/20 and 16/11/20 - as you can see they come roughly every 4 to 6 months and it has been 7 months since the last - you do the math!!

Sorry - shown to be rubbish ?

not a single piece of the 4 pronged financing deal finished as I predicted
more delay - now unspecified time after 1 July - when is that 2 July or 2 December , 2023 who knows - as I predicted
positive sounding but "jam tomorrow" RNS with no - as predicted
now just the fundraise next week and then a week or two after that another delay - Harry keeps getting his £80K per month - lovely

Jam tomorrow!

Interesting update this am.

The bulls are out in force here putting a positive slant on things but as ever with Harry nothing is clear. Not a single element of the financing has been achieved - not the bank finance, not the offtake and notthe equity and no update on whether the local investors have committed to the project with cash and so what Kefi's share will be.

The mining contractor has changed at the last minute - they are presenting this as a positive - another take could be that the old one got tired of being messed around and left as they believe it wont happen.

My belief is that this is the "positive sounding am tomorrow" RNS I predicted ahead of a significant fundraise next week - we'll see.........

I believe you must notify shareholders of all resolutions at an AGM 21days ahead of time but you exclude the day of notice and the day of the AGM so would have to be tomorrow but no expert.

Well IF AGM is gonna be 30.June I think we will get an RNS tomorrow with notice and who knows maybe some progress though I wouldn’t hold my breath

If I’m allowed in the club I also think we will have an RNS by end of play tomorrow- fingers crossed!

I think we all agree a bit of research rather than the constant name calling is a nice change !

Still, would have been good if the board HAD to have an AGM this month - I'd have bought a couple of shares ust to ask a few uncomfortable questions

Good post Matt

Just wanted to add my appreciation- lots of silent investors are grateful for the info and insight.

Only DVH is allowed to express an opinion don't you know and he does so around 400 times per month.

To criticize someone for selling at a loss shows a really immature view of investing - often it is better to cut your losses and retain what you can for more successful investments than continue to hold just so as not to crystalize a loss while watching the inevitable decline.

Nope its not Ethiopian banks - it is 2 African banks - Eastern and Southern African Trade and Development Bank and Africa Finance Corporation). I agree there are dodgy places in the world where business still goes on but those businesses are usually part of huge congolorates like DeBeers, Anglo American etc - my point was really though that 6 months ago Ethiopia was a model of how an African country can and should develop - now its on the front pages of the worlds newspapers with genocide and ethnic strife - not a good direction with potentially ongoing elections over the next 4 or 5 months adding to the unrest though hopefully they can turn around

No problem - there are a series of steps that need to take place for the financing to be in place - as set out in previous RNSs by the company if you are unsure.

These steps were supposed to happen throughout May (having been delayed numerous times previously) according to the Chairman in a wave of RNSs.

No such RNSs have been issued. I take that as a negative . In the meantime, cash is being spent and funds running out, the government has issued a warning that it will take back the licence if funding isnt sorted for someone else to build the mine and the US has imposed some sanctions on Ethiopia, there are numerous reports of genocide, elections are not taking place in Tigray or Oromia because of the unrest - I take all that as negative as if I was a finance provider I would not see that as a positive and stable environment to provide hundreds of millions of dollars.

Simms - the latest deadline was end of March - we didnt get the inevitable delay RNS until the middle of April where it was put to May with torrent of RNSs expected to inform shareholders of the closing of the various stages of progress required from bank finance, offtake finance, equity finalisation etc - to take no news in MAy as a positive really is quite delusional !!

Well I posted this morning because I was slandered by PV hence I had to reply. You can filter me if you like but some observers of this board might appreciate some posts that counter the blind faith that PV and his ilk possess despite being consistently wrong for the last year and more. I can tell you this a big fundraise is coming in the next very short while - that is just inevitable as they must be out of cash by now running on fumes.

Yes exactly- an RNS post just like the dozens of others you have posted - how about reposting the one you did back in March and December and October- just to see how those “facts” materialised - still so long as you are aware of the dangers you have no one else to blame but yourself when it all goes belly up