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- Kogi Iron (KFE) is getting ready to announce fundraise and acquisition after placing its securities in a trading halt
- The business entered the halt on Monday, with KFE’s shares set to resume trading on Wednesday
- This is the third time in recent months Kogi has raised funds, after carrying out a rights issue and placement
- The company netted just under $2 million from the placement, while the rights issue generated $157,620
- Shares in Kogi Iron last traded at 1.6 cents each on Friday, September 18
Kogi Iron (KFE) is getting ready to announce a fundraise and acquisition after placing its securities in a trading halt.
The iron ore explorer entered the halt on Monday, with KFE’s shares set to resume trading on Wednesday, September 22.
If the capital raise goes ahead, this will be the third time in recent months Kogi has raised funds from investors.
The company announced a $3.8 million non renounceable rights issue in April, but ultimately raised $157,620.
It also raised just under $2 million via an ongoing placement agreement with Diversified Metals Holdings.
The two businesses signed a deal earlier this year, with a total of $6.5 million to be handed over to KFE in three tranches.
Kogi spent the funds progressing on its feasibility study for the Agbaja Iron and Steel Project located in the Republic of Nigeria, West Africa.
Full details of this latest raise, and proposed acquisition, will be announced on or before Wednesday.
Shares in Kogi Iron last traded at 1.6 cents per share on Friday, September 17.