Kibo Mining Plc Conversion of Loan Notes (0637S)

TIDMKIBO

RNS Number : 0637S

Kibo Mining Plc

28 September 2017

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: 28 September 2017

Conversion of Loan Notes

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that all subscribers ("Subscribers") to the convertible loan notes (the "Notes") that it issued on the 27 September 2017 (refer RNS of 27 September 2017) have elected to convert the Notes to Kibo shares under the terms of the Notes ("the Conversion Shares"). The Notes were converted at a Kibo share price of GBP0.05, which was calculated in accordance with the Note Term Sheet.

Kibo's CEO Louis Coetzee said: "We are delighted that all subscribers exercised their right to convert the Notes to ordinary shares in Kibo. This is a clear display of reiterated support towards the Company and the direction it is heading. I believe that the parties involved see Kibo as a long-term investment that will add value, not only to their own investment portfolios, but also to all the shareholders."

A total of 31,000,000 new Ordinary Kibo Shares of EUR0.015 par value will be issued today, with the allocation to each Subscriber shown in Table 1 below.

TABLE 1

 
           Name              Conversion   Shares Issued   GBP Value 
                                Price      on conversion 
                                           of loan note 
---------------------------  -----------  --------------  ---------- 
     Private Investor          GBP0.05      10,000,000    GBP500,000 
---------------------------  -----------  --------------  ---------- 
Sanderson Capital Partners     GBP0.05      15,800,000    GBP790,000 
---------------------------  -----------  --------------  ---------- 
      *Louis Coetzee           GBP0.05      1,300,000     GBP65,000 
---------------------------  -----------  --------------  ---------- 
      *Andreas Lianos          GBP0.05      1,300,000     GBP65,000 
---------------------------  -----------  --------------  ---------- 
      *Noel O'Keeffe           GBP0.05      1,300,000     GBP65,000 
---------------------------  -----------  --------------  ---------- 
     *Louis Scheepers          GBP0.05      1,300,000     GBP65,000 
---------------------------  -----------  --------------  ---------- 
                 Totals                     31,000,000    1,550,000 
----------------------------------------  --------------  ---------- 
                          *Member of EXCO 
-------------------------------------------------------------------- 
 

The details of all Directors' and senior managements' shareholding in the Company before and after the Conversion are shown on Table 2 below.

TABLE 2

 
                                     Interests before        Shares issued on conversion         Interests after 
                                       conversion of                of loan note                  conversion of 
                                         loan note                                                  loan note 
--------------------------  ---------------------------  --------------------------------  --------------------------- 
            Name              Shares Held    % Interest                                      Shares Held    % Interest 
                                                                   Number of Shares 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
  Christian Schaffalitzky      2,119,842       0.58%                    N/A                   2,119,842       0.54% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
       *Louis Coetzee          6,765,996       1.86%                 1,300,000                8,065,996       2.04% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
      *Andreas Lianos          6,288,633       1.73%                 1,300,000                7,588,633       1.92% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
       *Noel O'Keeffe          2,291,447       0.63%                 1,300,000                3,591,447       0.91% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
        Tinus Maree            2,934,200       0.81%                    N/A                   2,934,200       0.74% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
      Wenzel Kerremans          376,241        0.10%                    N/A                    376,241        0.10% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
      *Louis Scheepers         1,709,914       0.47%                 1,300,000                3,009,914       0.76% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
           Totals             22,486,273       6.18%                 5,200,000               27,686,273       7.00% 
--------------------------  -------------  ------------  --------------------------------  -------------  ------------ 
                 *Kibo Directors and Management who are Members of Kibo EXCO converting loan note to shares 
---------------------------------------------------------------------------------------------------------------------- 
 

The shareholding of Sanderson Capital Partners will increase to 26,797,664 Ordinary Kibo Shares, for an interest of 6.78%.

Application will be made for the admission to trading on AIM and the JSE for the Conversion Shares and is expected to occur on or about 4 October 2017.

Following the issues of the 31,000,000 Conversion Shares detailed above, the Company will have 395,254,364 shares in issue.

Contacts

 
 Louis Coetzee    +27 (0) 83    Kibo Mining   Chief Executive 
                   2606126       Plc           Officer 
 Andreas Lianos   +27 (0) 83    River Group   Corporate Adviser 
                   4408365                     and Designated 
                                               Adviser on 
                                               JSE 
 Jon Belliss      +44 (0) 207   Beaufort      Broker 
                   382 8300      Securities 
                                 Limited 
 Andrew Thomson   +61 8 9480    RFC Ambrian   NOMAD on AIM 
                   2500          Limited 
 Hugo de Salis    +44 (0) 207   St Brides     Investor and 
  / Priit Piip     236 1177      Partners      Media Relations 
                                 Ltd           Adviser 
 

Notes to editors:

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. Kibo Mining is focused on exploration and development of mineral projects in Tanzania, and controls a large mineral rights portfolio in Tanzania.

Kibo Mining holds a thermal coal deposit at Mbeya, which has a significant NI 43-101compliant defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project ("MCPP"), previously called the Rukwa Coal to Power Project ("RCPP"), with an established management team that includes ABSA/Barclays as Financial Advisor. Kibo has completed a Coal Mining Definitive Feasibility Study and a Power Pre- Feasibility Study for the Mbeya project and has recently announced the completion of an Integrated Bankable Feasibility Study report for the project. On 25 August 2016, Kibo signed an Agreement with China based EPC contractor SEPCO III granting it the right to become the sole bidder for the EPC contract to build the power plant component of the MCPP in exchange for SEPCO III refunding 50% of the development costs incurred by Kibo to date on the project. Kibo has already received the first tranche of this funding in the amount of US$1.8 million on the 5th September 2016 and signed an EPC contract with SEPCO III on the 19th December 2016.

Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals including lithium.

Kibo Mining's projects are located in central Tanzania and in the Mtwara Corridor in southern Tanzania where the Government has prioritized infrastructural development attracting significant recent investment in coal and uranium. Kibo Mining has a positive working relationship with the Tanzanian Government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. Kibo Mining recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

Updates on the Kibo Mining's activities are regularly posted on its website www.kibomining.com.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

Johannesburg

28 September 2017

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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September 28, 2017 02:01 ET (06:01 GMT)