Result of Capital Raise

KEFI Gold and Copper (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, provides an update on its Capital Raise, further to the announcements made yesterday.

The Company is pleased to announce that the Retail Offer via PrimaryBid is successfully completed and has now closed. From the Retail Offer, the Company has raised gross proceeds of £469,160.17 (before expenses) via the issue of 85,301,849 Ordinary Shares at the Placing Price of 0.55 pence per Ordinary Share, with over 90% of the subscribers being registered existing shareholders and with an average order size of approximately £2,500.

In total the Capital Raise is therefore expected to raise gross cash proceeds of approximately £6.0 million through the Firm Placing, the Conditional Placing, Conditional Subscription and the Retail Offer and is expected to settle approximately £4.6 million of outstanding liabilities through the Firm Placing, Conditional Placing and Conditional Remuneration Issue. The completion of the Conditional Placing, the Conditional Subscription and the Conditional Remuneration Issue remains subject to the passing of resolutions at the Company's General Meeting to be convened on 2 January 2025.

Shareholders are reminded that because the Conditional Placing, Conditional Subscription and the Conditional Remuneration Issue is conditional, among other things, on the passing of the share allotment and disapplication of pre-exemption rights resolutions to be proposed at the General Meeting. Should the resolutions not be passed, the Conditional Placing, Conditional Subscription and Conditional Remuneration Issue will not proceed. Further announcements will be made in due course as appropriate.

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 4.44 p.m. on 2 December 2024.

Total Voting Rights

Application has been made to the London Stock Exchange for Admission of the 903,193,818 Firm Placing Shares and the 85,301,849 Retail Shares to trade on AIM and it is expected that Admission will become effective and that dealings in the Firm Placing Shares and the Retail Shares will commence at 8.00 a.m. on or around 6 December 2024. Following Admission of the Firm Placing Shares and the Retail Shares, the total issued share capital of the Company will consist of 7,047,584,973 Ordinary Shares each with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 7,047,584,973 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.