Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce that following further significant institutional demand for the Company’s shares it has raised an additional GBP500,000, before expenses, through the issue of 10,000,000 new ordinary shares of Eur0.015 (“Ordinary Shares”) at 5p per share (the “Placing Shares”) via its UK broker, XCAP Securities plc.
The additional funds raised will be used to further supplement the Company’s exploration programmes in Tanzania and 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 the 18 September 2013 (“Admission”). On Admission, the Company will have 138,760,143 Ordinary Shares in issue.
Louis Coetzee, CEO of the Company, commented:
“We appreciate investors’ support for this fundraising and the recent placing, the combined funds have now placed us in the position to recommence and aggressively pursue ground operations in our Lake Victoria Goldfields operations, including the recently acquired Imweru and Lubando licenses, which currently hold a JORC compliant Total Mineral Resource of 798,000 ounces of gold (See Resource Table in attached file).
In addition, all exploration costs relating to the Company’s Haneti Nickel PGMs and Gold project are being covered by Votorantim under our Joint Venture Agreement. As announced on 9th September, our work programme at Haneti is on track and generating very valuable
and encouraging data.
The Company is also in very advanced discussions with our Korean partners EWP, on the further development of the Rukwa Coal to Power Project (“RCPP”) and we hope to update the market shortly in this regard. Latest developments have shown a keen interest for participation in the RCPP from potential funding institutions, as well as growing support from key stakeholders.
We are now well positioned and focused to progress all elements of the Kibo business.”
Download full report:
[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Final-Draft-RNS_Kibo-Fund-raising_Secondary-Placing_V2-0_10Sep2013_.pdf” btn_target=”_blank”]Kibo Raises Further £500,000 in Secondary Placement[/ott_teaser]