Joint broker appointed at Kibo

Joint broker appointed at Kibo

Kibo Mining announced that it has received commitments to raise GBP1 500 000 before expenses via a placing of 28 571 428 ordinary shares in Kibo of nominal value.

EUR0.015 each at a placing price of 5.25p per share. The placing has been arranged by Kibo’s UK Broker, SVS Securities and Novum Securities. Novum will be appointed joint corporate broker with SVS today, following completion of the placing. Louis Coetzee, CEO of Kibo Mining, says, “This remains an exceptionally busy and exciting time for Kibo.”

The funds from the placing will go towards general working capital and expediting ongoing advanced feasibility studies at the Mabesekwa Independent Coal to Power Project, Botswana as well as strengthening the company’s financial position ahead of the commencement of further work at the Mbeya Coal to Power Project (MCCP) following the signing of the Power Purchase Agreement (PPA), which is expected soon.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the New Ordinary Shares is expected to commence on AIM and the JSE on or around Tuesday 24 April 2018 ('admission'). Following admission, the company will have 595 182 882 shares in issue and this figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the company under the FCA's Disclosure Guidance and Transparency Rules.

On admission, the shareholdings in the company of Shumba Energy (and related parties) and Sanderson Capital Partners (and related parties) will decrease on unchanged holdings and the impact of dilution to 25.83% (153 710 030 ordinary shares) and 3.95% (23 499 444 ordinary shares) respectively. The company expects to pay an aggregate of GBP75 000 expenses associated with the placing.

The company is also pleased to announce some structural changes to its board and management, but notes that there are no resignations from, or additional appointments to, the board. Tinus Maree, currently non-executive director, will be joining the executive committee of Kibo. Maree has a robust and complete understanding of the company and Kibo will continue to benefit from Mr Maree’s extensive experience as a corporate lawyer as he will continue to provide internal legal advice and review in his new position.

Noel O’Keefe and Andreas Lianos are transitioning to a non-executive role with the company. O’Keefe will continue to provide the company with invaluable technical advice and oversight and Lianos will be instrumental in the company’s financial oversight as non-executive financial director.

In addition, Pieter Krügel will join the Kibo executive committee as chief financial officer. Krügel is a qualified chartered accountant and holds a BCom Accounting degree as well as a BCompt Honours Accounting Science degree. Krügel’s work experience has equipped him with very broad working and management exposure at all corporate levels, ranging from retirement / investment fund management, employee benefit management to corporate financial management.

“The placing enables the company to expedite the feasibility studies of the Mabesekwa project in Botswana as well as strengthening the company’s financial position, providing it with sufficient cash resources to conclude the funding and financial close process on the MCPP, as the latter heads strongly towards finalising the PPA,” Coetzee concludes.


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