Kibo Mining PLC (AIM:KIBO; AltX:KBO), the multi-asset, Africa-focused, energy company, is pleased to announce that it has received commitments from an Irish based Investment Fund to raise £500,000 via a placing of 9,523,810 ordinary shares in Kibo of par value. €0.015 each (‘New Ordinary Shares’) at a placing price of 5.25p per share (the ‘Placing’).
The funds from the Placing will go towards general working capital but more specifically to expedite ongoing advanced feasibility studies at the Mabesekwa Independent Coal to Power Project, Botswana (‘MICPP’, or ‘Mabesekwa’), and at the Benga Independent Power Project (‘BIPP’) following faster than expected progress on both projects over the past two months.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the New Ordinary Shares is expected to commence on AIM and the JSE on or around 03 August 2018 (‘Admission’). Following Admission, the Company will have 634,316,783 shares in issue and this figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Kibo CEO, Louis Coetzee said: “We are very pleased to see institutional investor interest in Kibo increasing steadily since Kibo announced its energy strategy and after completing the recent MCIPP and BIPP acquisitions. The latest placing at the significant premium of 25% sends a very strong message on what investors believe the value proposition is that Kibo has to offer.”