Kibo Mining oversubscribed, raising £600,000 in Share Placing
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to announce it has received commitments to a share placing of 34,285,714 new ordinary shares of Eur. 0.015 in the capital of the Company with clients of Kibo’s UK Broker, Hume Capital Securities Plc, at a placing price of 1.75p per share (the “Placing Shares”), to raise gross proceeds of £600,000 before expenses (the “Placing”). All of Kibo’s directors are participating in the Placing for a cumulative amount of £100,000, and will be participating on the same terms as other investors. A subsequent announcement of their relevant changes in interests will be made once allocations have been finalised.
As the Company does not currently have sufficient issued authorised capital to accommodate thevfull Placing, which was oversubscribed, the delivery of shares to the value of £127,500 (approximately 7,285,714 shares) will be deferred until after the Company’s AGM to be held on the 30th July 2014, where a resolution to increase the Company’s authorised share capital is included for approval. The shares to be issued to directors will all be included in this deferred amount.
Application will be made for the Placing Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in 27,000, 000 of the Placing Shares is expected to commence on AIM and the JSE on or around 20 July 2014 (“First Admission”). On completion of First Admission the Company will have 198,154,691 shares in issue. Contingent on passing of the resolution to increase the Company’s authorised share capital at its AGM on the 30th July 2014, the delivery of the balance of the Placing Shares, in the amount of 7,285,714, to subscribers and admission of these share, trading on AIM and the JSE is expected to occur on or about 6th August 2014. Following the issue of this balance, the Company will have 205,440,405shares in issue.
Louis Coetzee, CEO of the Company, commented today:
“We are pleased with the results from the latest placing, given the extremely difficult funding environment in which exploration companies find themselves in, over the past years. The Director’s significant participation in the placing further demonstrates their continued confidence in the Company and its future, a position that was underscored by the significant oversubscription in the placing.”
|Louis Coetzee||+27 (0)83 2606126||Kibo Mining plc||Chief Executive Officer|
|Andreas Lianos||+27 (0)83 4408365||Kibo Mining plc
& River Group
|Executive Director, Corporate
Adviser and Designated Adviser on JSE
|Jon Belliss||+44 (0) 20 3216 2630||Hume Capital
|+61 8 94802500||RFC Ambrian Limited||Nominated Adviser on AIM|
|+44 (0) 207 8611606
+44 (0) 207 8613126
|Bell Pottinger||Investor and Media Relations|
Kibo Mining – Notes to editors
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The Company was admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on 30 May 2011. The Company is developing the Rukwa mouth-of-mine thermal power station and controls one of Tanzania’s largest mineral right portfolios, including the Haneti (nickel, PGE and gold), Morogoro (gold), Lake Victoria (gold), and Pinewood (coal & uranium) projects.
Its projects are located both in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium.
Kibo’s objective is to build shareholder value sustainably. This will be achieved primarily through exploration of its own projects and leveraging the Company’s experience in Tanzania to acquire exploration and development assets on competitive terms. The focus is on assets that can be moved swiftly up the value curve whilst benefitting from strategic relationships with industry leaders with special skills and competencies within their chosen fields.
Updates on the Company’s activities are regularly posted on its website www.kibo.energy
14 July 2014
Corporate and Designated Adviser
[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Kibo_Placing_RNS_14-July-2014.pdf” btn_target=”_blank”]Kibo Mining Plc Share Placing[/ott_teaser]