KEFI GOLD AND COPPER PLC

Related Party Transaction • Jun 9, 2023

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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

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