Kibo Mining plc (‘Kibo’ or the ‘Company’) (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy and resource company, is pleased to announce that it has received commitments to raise £1,500,000 before expenses via a placing of 28,571,428 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 Placing has been arranged by Kibo’s UK Broker, SVS Securities Limited (“SVS”) and Novum Securities Limited (“Novum”). Novum will be appointed joint corporate broker with SVS today, following completion of the Placing.
The funds from the Placing will go towards general working capital and expediting ongoing advanced feasibility studies at the Mabesekwa Independent Coal to Power Project, Botswana (‘Mabesekwa’) as well as strengthening the Company’s financial position ahead of the commencement of further work at the Mbeya Coal to Power Project (‘MCCP’) following the signing of the Power Purchase Agreement (‘PPA’) which is expected shortly.
Application has been 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 Tuesday 24th April 2018 (‘Admission’). Following Admission, the Company will have 595,182,882 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.