Aim-listed Kefi Gold and Copper, which owns projects in Ethiopia and Saudi Arabia, announced that a retail offer through PrimaryBid has been successfully completed, raising gross proceeds of about £495 916, before expenses, through the issue of 82.7-million ordinary shares.

This follows an announcement on March 4 of a fundraising package to facilitate full project launch at the Tulu Kapi gold project, in Ethiopia, with project launch expected to occur by mid-year.

The fundraising package, or capital raise, comprises a firm placing of 750-million new ordinary shares; a conditional issue of 83-million ordinary shares; and an offer through PrimaryBid of new ordinary shares.

The company will use the gross proceeds of the capital raise for completion of project financing and the launch of Tulu Kapi; the extinguishing of certain current liabilities and advances to strengthen its balance sheet ahead of proposed project development; and general working capital purposes.

In total, the capital raise is expected to raise gross proceeds of about £5-million through the £4.5-million firm placing and the £495 916 retail offer.

The completion of the conditional remuneration issue remains subject to the passing of resolutions at the company’s general meeting to be convened on March 26.