- Kogi Iron (KFE) has completed a two-phase capital raising to fund a Bankable Feasibility Study (BFS) at its Agbaja Plateau project
- The final phase of the capital raising, including the share purchase plan (SPP), raised up to $2 million
- Kogi also announced it has settled the overdue amounts owing to one former and one current Director of the company
- Kogi is up 52.94 per cent on market close, trading for 7.8¢ apiece
Kogi Iron (KFE) has completed a two-phase capital raising to fund a Bankable Feasibility Study (BFS) at its Agbaja Plateau project.
Agbaja is iron ore and cast steel mill project located in the Kogi State, Southern Nigeria in West Africa.
The final phase of the capital raising, including the share purchase plan (SPP), raised up to $2 million. The SSP is now closed and raised $350,000.
Kogi also announced it has settled the overdue amounts owing to one former and one current Director of the company.
Managing Director David Turvey says the capital raise and paying off the outstanding director fees is a great start for 2020.
“Where our primary focus will be on advancing the BFS for the fully integrated Agbaja project – itself boosted earlier this month with the grant of our fourth mining lease, for 25 years – in Nigeria, Africa’s second-largest economy,” he said.
The company is preparing a proposal to conduct steel test work and plant design engineering studies as key inputs in the BFS.
“We are currently in discussions and negotiations with more than two dozen potential investors to raise the balance of the around $10 million the BFS is expected to cost,” David told the market.
“The study is anticipated to take about 12 months to complete – so 2020 should evolve as a cornerstone year for Kogi’s steel making objectives,” he added.
Since 2016, Kogi has been successfully advancing the project. Laboratory-scale tests on its iron ire have demonstrated that it could be converted to a steel feedstock suitable for electric arc furnaces.
Kogi is up 52.94 per cent on market close, trading for 7.8¢ apiece.