Kibo Mining Plc Proceeds of Placing (6216H)

TIDMKIBO

RNS Number : 6216H

Kibo Mining Plc

17 March 2015

Kibo Mining Plc (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited:KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

Dated: 17 March 2015

Proceeds of Placing

Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, notes the announcement made by its UK broker, Hume Capital Securities plc ("Hume Capital"), on 11 March 2015, of its intention to appoint an administrator under the Investment Bank Special Administration Regulations 2011 ("SAR"). The SAR regime will dictate the timing and manner in which client assets will be dealt with, although one of the objectives of the SAR is the return of client assets as soon as reasonably practicable. According to this announcement, Hume Capital or its administrators are not able to release client money it holds without first obtaining the consent of the Financial Conduct Authority.

Kibo announced a share placing of GBP950,000 through Hume Capital on 2 March 2015 ("Placing"). To date, the Company has received GBP219,500 of the gross proceeds of the Placing. Hume Capital has confirmed that the balance of GBP730,500 payable to Kibo remains in Hume Capital's client money account. Hume Capital has been unable to provide a timeline for the expected release of the outstanding placing proceeds to Kibo.

The Company's current cash balance is however sufficient to fund its ongoing activities for the short to medium term. The Directors will provide a further update once more information as to the timing for the release of the Placing proceeds from Hume Capital has been made available.

Contacts

 
                     +27 (0) 83    Kibo Mining       Chief Executive 
   Louis Coetzee      2606126       plc               Officer 
------------------  ------------  ----------------  ------------------- 
 Andreas Lianos      +27 (0) 83    River Group       Corporate Adviser 
                      4408365                         and Designated 
                                                      Adviser on JSE 
------------------  ------------  ----------------  ------------------- 
 Jon Belliss         +44 (0) 20    Hume Capital      Broker 
  Abigail Wayne       3693 1470     Securities 
                                    Plc 
------------------  ------------  ----------------  ------------------- 
 Oliver Morse        +61 8 9480    RFC Ambrian       Nominated Adviser 
                      2500          Limited           on AIM 
------------------  ------------  ----------------  ------------------- 
 Daniel Thöle   +44 (0) 203    Bell Pottinger   Investor and Media 
  Lucinda Alderson    772 2500                        Relations 
------------------  ------------  ----------------  ------------------- 
 

Johannesburg

17 March 2015

Corporate and Designated Adviser

River Group

This information is provided by RNS

The company news service from the London Stock Exchange

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