26 August 2015
Kibo Mining Plc (“Kibo” or the “Company”) (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide the following update to the announcement it made on 18 June 2015, regarding the delayed receipt of final proceeds from its February placing, due to the fact that the Company’s previous brokers Hume Capital Securities plc (“Hume Capital”) had appointed administrators.
The Company is pleased to announce that following a Court order at a hearing on the 10th August 2015 approving the Client Money Distribution Procedure, the Joint Special Administrators issued a notice (the “Notice”) to clients (including Kibo) dated 20th August 2015 on the procedures pertaining to the distribution of the Client Money Pool.
Pursuant to the terms of this Notice, the Joint Special Administrators client monies will be distributed by earliest on the 2nd October 2015 (the “Date of Proving”), but no later than within two months from the 2nd October 2015.
As previously announced, Kibo understands that substantially all of the £526,000 (representing the consideration for 10,520,000 shares which were to be issued to third party investors) which had been paid into Hume Capital’s client money account, will be released to Kibo, less a small proportion representing costs of the administration.
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-Hume-Placing-Update_V3.0_250815-f.pdf” btn_target=”_blank”]Update on Proceeds of Hume Placing[/ott_teaser]