Its worth reading the full RNS but its main news regarding funding for the Ethiopian project is
The Tulu Kapi Gold Project (the “Project” or “Tulu Kapi”) remains on track overall, in line with previous guidance with the financial closing program having commenced and remaining in progress. Notably, the project finance consortium remains focused on:
· approval and execution of detailed finance documentation in the current quarter, Q2 2021;
· receipt of Project equity/subordinated debt subscriptions to settle following the KEFI Annual General Meeting in June 2021 and senior debt drawdown to then follow in H2 2021; and
· production commissioning of the open pit mine to start in Q4 2022.
So it basically means it’s in progress, expected Q2. So either May or June. I’m guessing June.
It was generally a decent RNS but it didn’t have those funding finally secured words everyone was waiting for so yep that share price drop was those traders that were only in to flip 2p into 4p and have gone elsewhere in the meantime.
For everyone in its a case of wait 50-70 days.
Those buy the rumour traders will be back end of May I suspect.