Dated:04 December 2014
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to advise that the Company has received payment from Metal Tiger plc of £150,000 in respect of the investment by Metal Tiger in 10,000,000 Kibo Mining plc €0.015 ordinary shares (the “Subscription Shares”), as detailed in our announcement of 21 November 2014.
Application will be made for the Subscription Shares to be admitted to trading on AIM and the JSE AltX markets.Trading in the Subscription Shares is expected to commence on AIM and the JSE on or around 8 December 2014 (“Admission”).On Admission,the Company will have 274,238,757 Ordinary Shares in issue and 1,406,892 warrants outstanding. Following Admission Metal Tiger will hold 3.67% of the Company’s issued share capital.
Louis Coetzee ,CEO of Kibo Mining, said:”We were delighted to secure the direct investment by Metal Tiger plc which demonstrated confidence in Kibo Mining’s assets and future strategic plans. Whilst the company has achieved a stable cash position, with no debt, the additional monies received further bolster our current financial position.
We arecurrently finalising our review of the Rukwa Coal to Power Project Phase 1 Stage 1 Definitive Mining Feasibility Study report and will be reporting our findings to market very shortly. The final Power Pre-Feasibility Study report is also expected in the coming days and we will update the market upon receipt in this regard. We would like to thank investors for their support and patience whilst we complete our technical review work in what is a transformative period for the Company”
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-Metal-Tiger-Placing-04-12-20141.pdf” btn_target=”_blank”]Completion of Share Issue to Metal Tiger plc[/ott_teaser]