JEDDAH: KEFI Minerals said it has conditionally raised £1.3 million before expenses through a placing of 26 million shares at 5 pence each by Fox Davies Capital and WHI Stockbrokers. The money will be used to progress the exploration programs in Turkey and especially in Saudi Arabia where it is targeting gold and copper equivalent discoveries in excess of one million ounces and also in preparing for the funding of new opportunities which the company is currently assessing in Turkey and in Saudi Arabia. The company is expecting to receive its first exploration license in Saudi Arabia within weeks, the company said in a statement. Last week, the group reported delays in the granting of the first license in Saudi Arabia from a total of 21 exploration license applications it filed with the government. The Saudi government recently requested some minor changes to KEFI's technical report for exploration – which outlines KEFI's 5-year plan to explore the license, it noted. In Friday's statement, KEFI said it is expecting to formally receive a notice in the next week advising them of the required modifications and intends to lodge the modified technical report shortly. The board will update shareholders once the modified report has been lodged. KEFI has been advised that the procedure may be finalized in a matter of weeks and the board will provide a further update at the time of the general meeting which it has called for Feb. 21. "The company expects to be progressing work on the ground immediately upon granting of the first license and funds raised pursuant to the placing will be used to quickly progress exploration on the license, commence geophysical surveys, identify drill targets and commence drilling programs," KEFI said.
