KEFI Minerals the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to report that, further to the Company’s announcement of 11 November 2015, it has received formal confirmation from the Government of Ethiopia of its commitment to invest US$20 million for equity in the Tulu Kapi Gold Project (the “Project”).
This investment will provide the Government of Ethiopia with an equity interest in KEFI Minerals (Ethiopia) Ltd (“KME”), a wholly-owned subsidiary of KEFI Minerals plc that owns and operates the Project, of approximately 20% based on the projected enlarged paid-up share capital of KME (c. 25% including the Government’s pre-existing 5% free carried-interest).
