KEFI raises cash for Saudi exploration

8th Oct 2010 12:12

KEFI Minerals is raising £625,000 before expenses in order to push forward its exploration programmes in Saudi Arabia and Turkey. Turkey was the original focus of the company but Saudi Arabia is becoming more important. KEFI has lodged 21 exploration licence applications in Saudi Arabia, covering 2,100 square kilometres, and it believes it can find gold deposits of more than 1m ounces. Work will begin when the first licence is granted.At the end of June 2010, KEFI had £638,000 in cash. The share placing is at 1.25p a share and is still subject to a number of conditions. Optiva Stockbrokers and WH Ireland handled the placing and are being granted warrants to subscribe for up to 2.5m shares at 1.25p each.