RNS JOKE17 Dec 2019 07:52
Placing
The Company is pleased to announce a firm placing to raise gross proceeds of £1,862,500, before expenses, through the placing (the "Placing") of 149,000,000 new KEFI ordinary shares of 0.1p each ("Placing Shares") at a price of 1.25 pence per share with both existing and new shareholders. The Placing has been co-ordinated through Brandon Hill Capital Limited ("Brandon Hill") as agent of the Company pursuant to the terms of a Placing Agreement and utilises the Company's existing share issuance authorities.
Subject to shareholder approval, parties participating in the Placing will also receive one share warrant ("Warrant") for every two Placing Shares. Each Warrant will entitle the holder to subscribe for one new KEFI ordinary share at a price of 2 pence per share and must be exercised by 30 April 2020 (following which unexercised Warrants will lapse and be cancelled).
Settlement of debt and accrued directors' fees
Also subject to shareholder approval, the Company is intending to issue a further 149,000,000 new KEFI ordinary shares of 0.1p each at a price of 1.25 pence per share as follows:
· 99,580,400 ordinary shares which the Company has agreed to issue to Project contractors and other third parties in settlement of outstanding invoices and debt of £1,244,755 (the "Settlement Shares"); and
· 49,419,600 ordinary shares representing an aggregate value of £617,745 which are intended to be granted to certain directors and management of the Company to satisfy accrued fees and salaries (the "Remuneration Shares").
Subject to shareholder approval parties receiving either Settlement Shares or Remuneration Shares will also receive one Warrant for every two Settlement Shares or Remuneration Shares. Each Warrant will entitle the holder to subscribe for one new KEFI ordinary share at a price of 2 pence per share and must be exercised by 30 April 2020 (following which unexercised Warrants will lapse and be cancelled).