Kibo Raises Further £500,000 in Secondary Placement

Kibo Raises Further £500,000 in Secondary Placement

2014-06-18T20:01:42+00:00September 11th, 2013|

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]

AIM Share Price
(Ticker: KIBO)
0.45p Change +0.00p
at close on 11 Oct 2019

JSE Share Price
(Ticker: KBO)
16.00c Change +0.00c
at close on 10 Oct 2019

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