20 May 2016
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company has today elected to make the third drawdown of the loan facility (the “Facility”) provided to the Company by Sanderson Capital Partners Limited (“Sanderson”), the details of which were announced on the Company’s RNS of 03 March 2016.
In accordance with the terms of the Facility the Company has today allotted 1,406,897 Ordinary Shares (the “Sanderson Shares”) of €0.015 par value each in the capital of the Company to Sanderson. The Sanderson Shares will be issued as a drawdown fee upon receipt of £300,000 from Sanderson, representing the third drawdown on the Facility of up to £1,500,000 provided by Sanderson to the Company. The Sanderson Shares comprise 1,186,046 shares to be issued in relation to the third drawdown and a further issue of 220,851 shares in relation to the second drawdown (announced on 12 April 2016). The mid-price for Kibo shares on 12 April 2016 of 3.625 pence per share was outside the 4 pence to 5 pence per share range in which the standard drawdown fee is fixed at 1,186,046 Ordinary Shares in Kibo. This gave rise to a shortfall in the shares issued to Sanderson in respect of the second drawdown fee of £51,000, which was calculated on an effective price of 4.3 pence per share.
Application will be made for the Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Shares is expected to commence on AIM and the JSE on or around 26th May 2016 (“Admission”). On completion of Admission the Company will have 353,012,435 shares in issue.
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