Kibo Mining raises £950 000 in share placing

Kibo Mining plc, the Tanzania focussed mineral exploration and development company has announced that it has received commitments to a share placing of 19 000 000 new ordinary shares of €0.015 in the capital of the company with clients of Kibo’s UK Broker, Hume Capital Securities Plc, at a placing price of 5p per share, to raise gross proceeds of £950 000 before expenses.

Application will be made for the Placing Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Placing Shares is expected to commence on AIM and the JSE on or around 6 March 2015. On completion of Admission the Company will have 303 238 757 shares in issue.

Louis Coetzee, CEO of the Company, commented today: “ We are very pleased to undertake this placing primarily because of the strategic advantage of bolstering our cash position at this key time in the company’s development. This funding provides the company with a robust working capital position as we finalise various commercial discussions and seek to maximise the value for shareholders from our three key assets at Rukwa Coal to Power, Imweru/Lake Victoria Goldfields and Haneti Nickel.

The Board of Kibo Mining share investors’ interest in controlling company share dilution, and this placing has been undertaken because we believe the additional financial strength achieved will provide a platform for further significant business development and growth in the value of the company’s assets and interests.

We continue to work proactively to progress various elements of the company’s business and look forward to reporting further significant progress to shareholders in the near future.”

Adapted from press release by Joe Green

Read the article online at: https://www.worldcoal.com/coal/02032015/kibo-mining-raises-share-placing-1992/