TIDMKEFI

RNS Number : 2875C

Kefi Gold and Copper PLC

09 June 2023

9 June 2023

KEFI Gold and Copper plc

("KEFI" or the "Company")

Proposed Issue of Remuneration Shares

KEFI Gold and Copper plc (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announces that, following the end of its Close Period following release of the Company's Annual Report earlier today, and further to the announcement made on 30 May 2023, the Company has conditionally allotted 107,142,857 new ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") at the 0.7 pence per Ordinary Share Placing Price for an aggregate value of GBP750,000 ("Remuneration Shares"). The allocations are as follows and subject to shareholder approval at the Company's Annual General Meeting on 30 June 2023:

-- 40,714,285 Ordinary Shares to Directors of the Company representing an aggregate value of GBP285,000, to extinguish accrued cash fees and salaries; and

-- 66,428,572 Ordinary Shares to Senior Management and Consultants to the Company, representing an aggregate value of GBP465,000 to extinguish accrued cash fees and salaries.

The number of Remuneration Shares intended to be granted to each KEFI Director and their resulting shareholdings are set out below:

 
 Name                                    Number of       Number of          Number of     Value of 
                                 existing ordinary     Conditional    Ordinary Shares    Remuneration 
                                         shares in    Remuneration     held on Second       Shares 
                                              KEFI          Shares          Admission        GBP 
 Harry Anagnostaras-Adams(1) 
  (Executive Chairman)                  54,731,312      26,428,571         81,159,883      185,000 
                               -------------------  --------------  -----------------  ============== 
 John Leach (Finance 
  Director)                             31,025,743      14,285,714         45,311,457      100,000 
                               -------------------  --------------  -----------------  ============== 
 Total Shares 
  issued to Directors                   85,757,055      40,714,285        126,471,340         285,000 
                               -------------------  --------------  -----------------  ==============

The Directors will receive a portion of the remuneration shares through consultancy companies in which they have a stake. Additionally, some shares allocated to senior staff may be held in trust on their behalf.

(1)Harry Anagnostaras-Adams beneficially holds 54,731,312 Ordinary Shares in the Company, which are owned by Semarang Enterprises Ltd. Harry Anagnostaras-Adams is the sole director and shareholder of Semarang Enterprises Ltd, and the shares are also held within the Adams Superannuation Fund.

Relevant related party transaction disclosures

The conditional issue of Remuneration Shares to the following directors of the Company, Harry Anagnostaras-Adams, and John Leach, is being treated as a related party transaction under AIM Rule 13 of the AIM Rules. Mark Tyler and Richard Robinson, being the Directors independent of the conditional issue of Remuneration Shares, consider after having consulted with the Company's nominated adviser, SP Angel Corporate Finnance LLP, that the terms of the conditional issue of Remuneration Shares are fair and reasonable insofar as the Shareholders are concerned.

Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 5.32 p.m. on 30 May 2023.

Further announcements will be made in due course as appropriate.

Enquiries

 
 KEFI Gold and Copper plc 
 Harry Anagnostaras-Adams (Executive Chairman)          +357 994 57843 
 John Leach (Finance Director)                          +357 992 08130 
 
   SP Angel Corporate Finance LLP (Nominated Adviser      +44 (0) 20 3470 
   and Joint Broker)                                      0470 
 Jeff Keating, Adam Cowl 
 
                                                          +44 (0) 20 7100 
   Tavira Financial Limited (Joint Broker)                5100 
 Oliver Stansfield, Jonathan Evans 
 
                                                          +44 (0) 20 3934 
   IFC Advisory Ltd (Financial PR and IR)                 6630 
 Tim Metcalfe, Florence Chandler

Further information can be viewed at https://www.kefi-goldandcopper.com

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June 09, 2023 08:16 ET (12:16 GMT)

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