REG - Kefi Gold and Copper - Proposed Issue of Remuneration Shares

KEFI Gold and CopperAnnouncement

09/06/2023 13:30

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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 £750,000 ("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 £285,000, 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 £465,000 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 existing ordinary shares in KEFI  Number of Conditional Remuneration Shares  Number of Ordinary Shares held on Second Admission  Value of Remuneration Shares

                                                                                                                                                                                             £
 Harry Anagnostaras-Adams¹ (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.

¹Harry 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 and Joint Broker)   +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl

 Tavira Financial Limited (Joint Broker)                               +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans

 IFC Advisory Ltd (Financial PR and IR)                                +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

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

 

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