{"id":5160,"date":"2015-02-26T16:11:17","date_gmt":"2015-02-26T16:11:17","guid":{"rendered":"https:\/\/kibo.energy\/?p=5160"},"modified":"2015-02-26T16:13:50","modified_gmt":"2015-02-26T16:13:50","slug":"morogoro-gold-joint-venture-commences","status":"publish","type":"post","link":"https:\/\/kibo.energy\/index.php\/morogoro-gold-joint-venture-commences\/","title":{"rendered":"Morogoro Gold Joint Venture Commences"},"content":{"rendered":"<h5>Dated: 26 February 2015<\/h5>\n<p>On 19 January 2015, Tanzania focussed exploration and development company Kibo Mining Plc (\u201cKibo\u201d or the \u201cCompany\u201d)(AIM: KIBO; JSE AltX: KBO) announced that it had entered into a Memorandum of Understanding for a 50\/50 Joint Venture with Metal Tiger plc (\u201cMetal Tiger\u201d) on its Morogoro South gold-prospective exploration portfolio in Tanzania (\u201cMorogoro Portfolio\u201d) wholly owned by Kibo Jubilee Ltd (Cyprus) (\u201cJubilee\u201d).<\/p>\n<p><!--more--><\/p>\n<p>Highlights:<\/p>\n<ul>\n<li>Due diligence complete and Joint Venture Activities commenced, with first funds paid<\/li>\n<li>Metal Tiger holds 50% interest in \u00a0the Morogoro Portfolio<\/li>\n<li>Portfolio consists of 18 licences, offers, applications and tenders with a combined surface area of approximately 1,400 square kilometres in Tanzania<\/li>\n<li>Kibo to issue warrants to Metal Tiger for 10 million new ordinary shares in Kibo at an exercise price of 9p exercisable within a three-year term and subject to two exercise price increases, the first to apply if Kibo shares trade at 18p or higher for 15 consecutive days<\/li>\n<\/ul>\n<p>Activities under the Morogoro Gold JV with Metal Tiger have now commenced. Metal Tiger has transferred the first tranche of funds to cater for the ongoing licence fees and maintenance costs and has been issued with new ordinary shares in Jubilee so that the Company now holds 50% of Jubilee, representing Metal Tiger&#8217;s stake in the 50\/50 joint venture of the Morogoro Portfolio.<\/p>\n<p><strong>Kibo Mining\u2019s CEO, Louis Coetzee commented<\/strong>: <em>\u201cKibo Mining is pleased to confirm that the Morogoro Joint Venture with Metal Tiger is now proceeding.\u00a0 This transaction means that all five of Kibo\u2019s projects are now active and thus have the potential to deliver value for our shareholders.<\/em><\/p>\n<p><em>Whilst for some time Kibo Mining has been focused on the Company\u2019<\/em><em>s lead projects at Rukwa Coal to Power, Imweru \/ Lake Victoria Goldfields and Haneti Nickel, we have always <\/em><em>considered the Morogoro Gold licence portfolio to be highly prospective and able to add further considerable value for shareholders with appropriate exploration and development progress.\u00a0<\/em><\/p>\n<p><em>Having Morogoro costs funded by Metal Tiger reduces Kibo cash utilization whilst maintaining a material exposure for shareholders in potential project upside. We look forward to working with Metal Tiger on this and our recently announced uranium exploration Joint Venture at Pinewood.\u201d<\/em><\/p>\n<p>As part of the JV commencing, Kibo will issue Metal Tiger with warrants over 10,000,000 new ordinary shares in Kibo, exercisable within a three-year term at an exercise price of 9p each but subject to a mechanism to increase the warrant exercise price in the event Kibo&#8217;s share price trades at a significant premium as follows:<\/p>\n<ul>\n<li>In the event that Kibo&#8217;s listed closing mid-market share price on the AIM market of the London Stock Exchange (\u201cAIM\u201d) exceeds 18 pence (\u00a30.18) per share for a consecutive period of 15 days in which AIM is open, then the exercise price of any unexercised warrants shall increase from 9 pence (\u00a30.09) to 14.5 pence (\u00a30.145);<\/li>\n<\/ul>\n<ul>\n<li>In the event that Kibo&#8217;s listed closing mid-market share price on AIM exceeds 27 pence (\u00a30.27) per share for a consecutive period of 15 days in which AIM is open, then the exercise price of any unexercised warrants shall increase to 19 pence (\u00a30.19)\u201d.<\/li>\n<\/ul>\n<h5><strong>Download Full Report<\/strong><\/h5>\n<p>[ott_teaser btn_text=&#8221;Download&#8221; btn_icon=&#8221;icon-right-big&#8221; btn_url=&#8221;https:\/\/kibo.energy\/wp-content\/uploads\/Final-RNS-MT-Morogoro-JV-Closing.pdf&#8221; btn_target=&#8221;_blank&#8221;]Morogoro Gold Joint Venture Commences[\/ott_teaser]<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dated: 26 February 2015 On 19 January 2015, Tanzania focussed exploration and development company Kibo Mining Plc (\u201cKibo\u201d or the \u201cCompany\u201d)(AIM: KIBO; JSE AltX: KBO) announced that it had entered into a Memorandum of Understanding for a 50\/50 Joint Venture with Metal Tiger plc (\u201cMetal Tiger\u201d) on its Morogoro South gold-prospective exploration portfolio in Tanzania<\/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-5160","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\/5160","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=5160"}],"version-history":[{"count":2,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/5160\/revisions"}],"predecessor-version":[{"id":5162,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/5160\/revisions\/5162"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=5160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=5160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=5160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}