Update on Broker and Placement Proceeds
Dated: 2 March 2018
Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy and resource company, notes the announcement regarding Beaufort Securities Limited (“BSL”) and Beaufort Asset Clearing Services Limited (“BACSL”) being placed into insolvency. Additionally, the Company notes that the Financial Conduct Authority (“FCA”) has also imposed requirements on BSL and BACSL, with immediate effect, requiring them to cease all regulatory activity.
BSL is the Company’s broker pursuant to AIM Rule 35 and as a result of the requirements imposed by the FCA BSL is no longer able to provide broking services to the Company pursuant to AIM Rule 35. The Company is seeking to appoint a replacement as soon as possible and a further announcement will be provided upon such an appointment.
The Company also notes that, further to the announcement dated 27 February regarding a placement for gross proceeds of £750,000 (the “Placement”), the application for the Admission to AIM of 17,647,060 ordinary shares in the Company is to be put on hold until further notice as the Placement was conducted through BSL and to date the Company has not received any of the Placement proceeds.
The Company is however urgently seeking further clarification on the matter, in particular the timeline for the expected release of the outstanding Placement proceeds to Kibo. An update on this situation will be provided as soon as more information is available.