{"id":4149,"date":"2013-01-09T15:59:51","date_gmt":"2013-01-09T15:59:51","guid":{"rendered":"https:\/\/kibo.energy\/?p=4149"},"modified":"2014-06-18T20:11:31","modified_gmt":"2014-06-18T20:11:31","slug":"kibo-mining-plc-kibo-raises-725000-of-working-capital","status":"publish","type":"post","link":"https:\/\/kibo.energy\/index.php\/kibo-mining-plc-kibo-raises-725000-of-working-capital\/","title":{"rendered":"Kibo Mining plc – Kibo raises \u00a3725,000 of working capital"},"content":{"rendered":"

Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d)\u00a0 is pleased to announce\u00a0 that\u00a0 it has\u00a0 completed\u00a0 a placing\u00a0 of\u00a0 120,833,333\u00a0 ordinary\u00a0 shares\u00a0 in\u00a0 the\u00a0 capital\u00a0 of\u00a0 the\u00a0 Company\u00a0 (the\u00a0 \u201cShares\u201d)\u00a0 with clients\u00a0 of\u00a0 Kibo\u2019s\u00a0 UK\u00a0 Broker,\u00a0 Northland\u00a0 Capital\u00a0 Partners\u00a0 Ltd.\u00a0 at\u00a0 a\u00a0 placing\u00a0 price\u00a0 of\u00a0 0.6p\u00a0 to raise gross proceeds of \u00a3725,000\u00a0 (the \u201cPlacing\u201d). The funds raised will be applied towards the\u00a0 Company\u2019s\u00a0 exploration\u00a0 programs\u00a0 in Tanzania, to\u00a0 investigate\u00a0 further\u00a0 joint\u00a0 venture opportunities and for general working capital purposes.<\/p>\n

As the placing\u00a0 price of the Shares is below the current par value of the Company\u2019s Ordinary Shares of\u00a0 \u20ac0.01, the Company has entered into\u00a0 an\u00a0 arrangement with its major shareholder, Mzuri\u00a0 Capital\u00a0 Group\u00a0 Ltd\u00a0 (\u201cMCG\u201d),\u00a0 whereby\u00a0 shares\u00a0 held\u00a0 by\u00a0 MCG\u00a0 will\u00a0 be\u00a0 used\u00a0 for\u00a0 the purposes of settling the Placing. Under the arrangement,\u00a0 MCG\u2019s shareholding will\u00a0 then be restored through a loan structure soon after\u00a0 the settlement of the Placing by\u00a0 the issue of new Ordinary Shares to MCG to replace the shares used for settling the Placing.\u00a0 The final number of shares held by MCG will be the same as it held before the Placing with no benefit received by MCG.\u00a0 The Company intends to seek shareholder approval in the near future to reduce the par value of its Ordinary Shares and will advise of further details of this once they have been finalized.<\/p>\n

In relation to this arrangement, with the exception of Louis Coetzee and Tinus Maree who are associated with MCG\u00a0 and have therefore recused themselves, the directors of the Company consider, having consulted with RFC Ambrian Ltd, its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.<\/p>\n

Application will be made for the new Shares to be admitted to trading on both the AIM and JSE AltX markets\u00a0 with settlement expected to be completed before the end of January. The Shares will rank pari passu with the Company\u2019s existing issued Ordinary Shares.\u00a0 Following the issue of\u00a0 the\u00a0 new\u00a0 Shares\u00a0 the Company\u2019s total issued share capital will be\u00a0 1,247,355,175 Ordinary Shares of \u20ac0.01 each.<\/p>\n

Enquiries:<\/h5>\n\n\n\n\n\n\n\n\n
Louis Coetzee<\/td>\n+27 (0)83 2606126<\/td>\nKibo Mining plc<\/td>\nChief Executive Officer<\/td>\n<\/tr>\n
Andreas Lianos<\/td>\n+27 (0)83 4408365<\/td>\nRiver Group<\/td>\nCorporate Adviser and Designated Adviser on JSE<\/td>\n<\/tr>\n
Nick Bealer<\/td>\n+44 (0)207 710 9612<\/td>\nCornhill Capital Ltd<\/td>\nJoint Broker<\/td>\n<\/tr>\n
Tim Metcalfe \/ Matthew Johnson<\/td>\n+44 (0) 207 9768800<\/td>\nNorthland Capital Partners Limited<\/td>\nJoint Broker<\/td>\n<\/tr>\n
Stuart Laing<\/td>\n+61 8 94802500<\/td>\nRFC Corporate Finance Limited<\/td>\nNominated Adviser on AIM<\/td>\n<\/tr>\n
Matt Beale<\/td>\n+44 (0)7966 389 196<\/td>\nFortbridge<\/td>\nPublic Relations<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

General Background & Strategy<\/h5>\n

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011. The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated Tanzanian staffs that operate from Kibo’s operations office in Dar es Salaam.<\/p>\n

The mineral assets of the Company now comprise five projects in Tanzania – Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium) which give Kibo access to 38,000 km2 of early stage exploration licences in Tanzania’s premier gold mining region, the Lake Victoria Goldfield, within the emerging gold exploration regions in eastern Tanzania and uranium and coal regions in south-western Tanzania.<\/p>\n

The Rukwa and Pinewood projects will provide Kibo shareholders with exposure to an attractive portfolio of strategic energy assets in Tanzania. Importantly, they are situated within and close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.<\/p>\n

The Rukwa project is substantially more advanced than Kibo\u2019s existing exploration projects, with a significant Mineral Resource of thermal coal already defined. This provides nearer term development and commercialisation potential, complementing the earlier stage existing projects held by Kibo. This is further supported by the memorandum of understanding that has already been entered into with a major Asian conglomerate for the development of a coal mine and mine-mouth coal-fired power plant based on the Rukwa project.<\/p>\n

In addition, the Pinewood project encompasses a significant ground holding of prospective Karoo sequence sedimentary rocks. These sediments are attracting considerable interest from international companies exploring for uranium and coal mineralisation following some notable discoveries in recent years.<\/p>\n

Kibo’s objective is to build shareholder value in a sustainable manner. This objective will be pursued primarily through active exploration of its own projects and by using the Company’s experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company\u2019s own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus. Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.<\/p>\n

9 January 2013
\nJohannesburg<\/strong><\/p>\n

Designated and Corporate Advisor
\nRiver Group<\/p>\n

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https:\/\/kibo.energy\/wp-content\/uploads\/Kibo_RNS_090113Rev2.pdf” btn_target=”_blank”]Kibo Mining plc – Kibo raises \u00a3725,000 of working capital[\/ott_teaser]<\/p>\n","protected":false},"excerpt":{"rendered":"

Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d)\u00a0 is pleased to announce\u00a0 that\u00a0 it has\u00a0 completed\u00a0 a placing\u00a0 of\u00a0 120,833,333\u00a0 ordinary\u00a0 shares\u00a0 in\u00a0 the\u00a0 capital\u00a0 of\u00a0 the\u00a0 Company\u00a0 (the\u00a0 \u201cShares\u201d)\u00a0 with clients\u00a0 of\u00a0 Kibo\u2019s\u00a0 UK\u00a0 Broker,\u00a0 Northland\u00a0 Capital\u00a0 Partners\u00a0 Ltd.\u00a0 at\u00a0 a\u00a0 placing\u00a0 price\u00a0 of\u00a0 0.6p\u00a0 to raise gross proceeds of \u00a3725,000\u00a0 (the \u201cPlacing\u201d). The funds<\/p>\n","protected":false},"author":31,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[47],"tags":[],"class_list":["post-4149","post","type-post","status-publish","format-standard","hentry","category-news"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/comments?post=4149"}],"version-history":[{"count":4,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4149\/revisions"}],"predecessor-version":[{"id":4154,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4149\/revisions\/4154"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=4149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=4149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=4149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}