Next news should be good1 Jul 2020 09:18
· ANS Mining continues to affirm a strong interest in making an investment in TKGM and we welcome this. However, ANS Mining has not met the published deadline of 30 June 2020 for making its initial investment. Consequently, TKGM has now served notice that it may replace ANS Mining either in part or in full with other Ethiopian and non-Ethiopian investors, including the potential for an expanded role for the Specialist Mining Financiers.
· TKGM is already in discussions with a range of Ethiopian investors and a number of international Specialist Mining Financiers, introduced by its shareholders KEFI and the Ethiopian Government, to ensure the required Project equity is secured well in advance of the closure of the full financing package in October 2020.
· Following the passing of the 30 June 2020 deadline, KEFI is now in a position to look to draw these discussions to a conclusion.
· As a new development, based on discussions and proposals received to date from Specialist Mining Financiers and Ethiopian investors, TKGM is now also seeking to potentially reduce the number of shares it issues to any third party by increasing the amount of funds raised by TKGM from the Specialist Mining Financiers in other acceptable forms, and by doing so increasing existing shareholders' ultimate beneficial interest in TKGM. If successful, this would have the effect of increasing KEFI's beneficial interest in TKGM above the planned base case level of 45%.