Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to announce it has received commitments to a share placing of 30,038,000 new ordinary shares of Eur. 0.015 in the capital of the Company with clients of Kibo’s UK Broker, Hume Capital Securities Plc at a placing price of 2.5p per share (the “Placing Shares”), to raise gross proceeds of £750,950 before expenses (the “Placing”). The funds raised will primarily be used to initiate a Phase 2 drilling programme at its Imweru gold exploration property in Tanzania as well as for general working capital purposes.
Application will be made for the Placing Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Placing Shares is expected to commence on AIM and the JSE on or around 7 April 2014 (“Admission”). On Admission the Company will have 171,154,691 shares in issue.
Louis Coetzee, CEO of the Company, commented today:
“We are pleased that the latest placing allows Kibo to maintain the significant momentum we have generated on all our projects over the past 8 months. We will now be able to continue advancing our Imweru Gold Project with a view to early commissioning of preliminary economic studies and assessment of the project.”
|Louis Coetzee||+27 (0)83 2606126||Kibo Mining plc||Chief Executive Officer|
|Andreas Lianos||+27 (0)83 4408365||River Group||Corporate Adviser and Designated Adviser on JSE|
|+44 (0) 20 3693 1470||Hume Capital Securities Plc||Broker|
|Oliver Morse||+61 8 94802500||RFC Ambrian Limited||Nominated Adviser on AIM|
|+44 (0) 207 8611606
+44 (0) 207 8613126
|Bell Pottinger||Investor and Media Relations|
Kibo Mining – Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania’s largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource, and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor.
Kibo also holds the Haneti Licence on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals.
The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a substantial existing JORC compliant gold resource and is seeking to materially increase this resource through exploration of known extensions to existing mineralisation.
Kibo Mining also holds the Pinewood (coal & uranium) projects.
The Company’s projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.
31 March 2014
Corporate and Designated Adviser
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