Appointment of new Broker and Update on Placement Proceeds
5th March 2018
Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy and resource company, is pleased to announce a further update regarding Beaufort Securities Limited (“Beaufort”) and the Company placement for gross proceeds of £750,000 announced on 27 February 2018 (the “Placement”).
Kibo has today appointed SVS Securities Limited (“SVS”) as its new broker pursuant to AIM Rule 35 to replace Beaufort. Beaufort were placed into insolvency on 2 March 2018 and were ordered to cease all regulatory activity by the Financial Conduct Authority. SVS, as exclusive placee in the above referred placement, has subsequently agreed to complete the Placement with the Company on the same terms as the Company had agreed with Beaufort as the company’s agent and without delay. Under the new arrangement with SVS the Company expects the aggregate expenses associated with the Placement to be £37,500.
Kibo’s CEO Louis Coetzee said: “We are pleased to appoint SVS as the Company’s new broker and to have reached agreement with them to complete the placement announced on 27 February 2018 at such short notice. This will ensure that the Company will receive the placement proceeds without any delay.”
Trading in the New Ordinary Shares is now expected to commence on AIM and the JSE on or around 6 March 2018 (‘Admission’) as initially advised. Following Admission, the Company will have 412,901,424 shares in issue.