{"id":6303,"date":"2017-09-27T08:22:54","date_gmt":"2017-09-27T08:22:54","guid":{"rendered":"https:\/\/kibo.energy\/?p=6303"},"modified":"2017-09-27T08:22:54","modified_gmt":"2017-09-27T08:22:54","slug":"convertible-loan-notes","status":"publish","type":"post","link":"https:\/\/kibo.energy\/index.php\/convertible-loan-notes\/","title":{"rendered":"CONVERTIBLE LOAN NOTES"},"content":{"rendered":"<h5><strong>Dated:<\/strong><strong> 27<\/strong> <strong>September<\/strong> <strong>2017<\/strong><\/h5>\n<p>Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company announces it has today (27 September 2017) issued \u00a31,550,000 in convertible loan notes (the \u201cNotes\u201d) in the Company to a new high net worth investor, Directors and management of the Company, and Sanderson Capital Partners Limited (\u201cSanderson\u201d).<\/p>\n<p><!--more--> The subscription raises \u00a3500,000 new capital, satisfies \u00a3260,000 of awards in lieu of the Company\u2019s Management Incentive Scheme, and is in settlement of new terms agreed covering \u00a3790,000 of the Discounted Debt Sale Facility (the \u201cFacility\u201d) currently in place between Sanderson and the Company (refer RNS of the 21 December 2016).<\/p>\n<p>Details of the Notes are set out below.<\/p>\n<ul>\n<li>Maturity Date falling three months from the date of issue<\/li>\n<li>Zero percent rate of interest<\/li>\n<li>Conversion price equal to 90% of the average daily volume weighted average price (\u201cVWAP\u201d) at which the Shares shall have traded on AIM during the 20 trading days immediately preceding the date of conversion, rounded up to the next 1\/10th of a pence, but no lower than \u00a30.05 per Share (\u201cConversion Price)<\/li>\n<li>Face value <strong>r<\/strong>epayable in cash <u>at the election of the Company at any time <\/u>before the Maturity Date; \u2013 OR<\/li>\n<li>Face value convertible <u>at the election of the Subscriber at any time <\/u>before the Maturity Date to ordinary shares (\u201cShares\u201d) at the Conversion Price; &#8211; OR<\/li>\n<li>On the Maturity Date, the face value of the Convertible Notes that remain outstanding will be <u>automatically converted <\/u>to Shares at the Conversion Price.<\/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_Convertible-Note_V3.0_260917.pdf&#8221; btn_target=&#8221;_blank&#8221;]<strong>CONVERTIBLE<\/strong> <strong>LOAN NOTES<\/strong>[\/ott_teaser]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dated: 27 September 2017 Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company announces it has today (27 September 2017) issued \u00a31,550,000 in convertible loan notes (the \u201cNotes\u201d) in the Company to a new high net worth investor, Directors and management of the Company, and<\/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-6303","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\/6303","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=6303"}],"version-history":[{"count":1,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/6303\/revisions"}],"predecessor-version":[{"id":6304,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/6303\/revisions\/6304"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=6303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=6303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=6303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}