Dated: 17 March 2015
Kibo Mining Plc (“Kibo” or the “Company”) (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, notes the announcement made by its UK broker, Hume Capital Securities plc (“Hume Capital”), on 11 March 2015, of its intention to appoint an administrator under the Investment Bank Special Administration Regulations 2011 (“SAR”). The SAR regime will dictate the timing and manner in which client assets will be dealt with, although one of the objectives of the SAR is the return of client assets as soon as reasonably practicable. According to this announcement, Hume Capital or its administrators are not able to release client money it holds without first obtaining the consent of the Financial Conduct Authority.
Kibo announced a share placing of £950,000 through Hume Capital on 2 March 2015 (“Placing”). To date, the Company has received £219,500 of the gross proceeds of the Placing. Hume Capital has confirmed that the balance of £730,500 payable to Kibo remains in Hume Capital’s client money account. Hume Capital has been unable to provide a timeline for the expected release of the outstanding placing proceeds to Kibo.
The Company’s current cash balance is however sufficient to fund its ongoing activities for the short to medium term. The Directors will provide a further update once more information as to the timing for the release of the Placing proceeds from Hume Capital has been made available.
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