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Teathers Financial (TEA)

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Thursday 18 June, 2015

Teathers Financial

New Investment - Kefi Minerals Plc

RNS Number : 4935Q
Teathers Financial PLC
18 June 2015
 

18 June 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

Investment in Kefi Minerals Plc

                     

Teathers, the AIM quoted Investing Company with an Investing Policy to invest in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares in the market and unquoted companies, joint ventures or projects which the Board believes will be seeking a quotation on AIM within 12 to 18 months of such investment, is pleased to announce that it has made the following investment on 17 June 2015 in accordance with its Investing Policy:

Investment of £50,000 in cash in Kefi Minerals Plc ("Kefi")

Conditional, inter alia, on admission to trading on AIM, Teathers has purchased 6,250,000 ordinary shares of 0.1 pence each in the capital of Kefi through a broker which participated in the placing announced by Kefi on 16 June 2015 (representing approximately 0.36 per cent. of the enlarged issued share capital of Kefi) at a price of 0.8p per share.  

 

AIM traded KEFI (AIM: KEFI) is a gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia. Further information on Kefi can be found on its website at www.kefi-minerals.com.

 

The audited accounts of Kefi for the year ended 31 December 2014 show a loss before tax of £3,963,000 (31 December 2013: loss before tax of £2,593,000) on revenues of zero (31 December 2013: zero). As at 31 December 2014 Kefi had audited net assets of £7,158,000.

 

Jason Drummond, Executive Chairman, commented: "Kefi announced that the proceeds from the placing, in which we invested through our broker,  are primarily intended to fund Kefi through the next phase of its development with the majority of funds to be expended on progressing Kefi's flagship Tulu Kapi project in Ethiopia and on further exploration.  We currently envisage that our investment in Kefi will be a long term hold for Teathers."

 

 

 

For further information please contact:

 

Teathers Financial Plc


Jason Drummond, Executive Chairman

Tel: 0207 148 3008

 

Beaumont Cornish Limited (Nominated Adviser & Joint Broker)


Roland Cornish / Emily Staples

Tel: 0207 628 3396



Peterhouse Corporate Finance (Joint Broker)


Lucy Williams / Duncan Vasey 

 

Tel: 020 7469 0936

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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