KEFI's £3m equity placing oversubscribed

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Gold exploration and development company KEFI said its 186 million equity placing to raise gross proceeds of £2.976 million was oversubscribed.

The placing price was 1.60 pence per share.

The company also conditionally raised a further £278,000 through a subscription for cash by certain existing shareholders. The subscription requires the backing of shareholders.

The funds would be used for fund further resource drilling and exploration at the company's Hawiah copper-gold project and for the provision of general working capital.

Also, certain directors and managers of the company had elected to receive shares in lieu of directors fees and salaries of £491,729, in aggregate, and certain project contractors and third party creditors had elected to receive shares in settlement of outstanding invoices and debts of £452,028, in aggregate, the company said.

At 9:17am: (LON:KEFI) KEFI Minerals PLC share price was 0p at 1.79p