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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kibo Energy Plc | LSE:KIBO | London | Ordinary Share | IE00B97C0C31 | ORD EUR0.0001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0375 | 0.035 | 0.04 | 0.0375 | 0.036 | 0.0375 | 237,433 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 1.04M | -9.78M | -0.0026 | -0.15 | 1.51M |
TIDMKIBO
RNS Number : 2273N
Kibo Mining Plc
28 January 2016
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")
28 January 2016
Kibo Receives Proceeds from Hume Placing and Secures New Favorable Settlement Terms in Re-Negotiated Sanderson Loan Agreement
Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that the Company has now received the amount of GBP522, 800 from the delayed receipt of final proceeds from its February 2015 placing with Hume Capital Securities plc ("Hume Capital").
On 25 January 2016, the Joint Special Administrators paid GBP522,800 of the total GBP526,000 (representing the consideration for 10,520,000 shares which were to be issued to third party investors) and that had previously been paid into Hume Capital's client money account during the February 2015 placing, to Kibo ("Hume Proceeds"). The amount of GBP3,200 was deducted from the total and represents costs of the administration.
To bolster the Company's cash position further, amidst very difficult market conditions, Sanderson Capital Partners Ltd ("Sanderson") was approached in an effort to re-negotiate the repayment terms of the unsecured interest free bridge loan facility which it advanced to the Company. (Please see RNS of 04 November 2015). In this regard the Company was able to agree the following more favorable repayment terms:
1. A minimum of 60% of the loan amount (i.e. GBP300,000) will be repaid in Ordinary Shares of the Company and not in cash, at a price equal to the 30 day VWAP of Kibo's share price on the date at which repayment is due, being the earlier of three months from the date of the original loan agreement or the date on which Kibo receives the Hume Proceeds ("Repayment Date");
2. Repayment of no more than 40% of the loan amount (i.e. GBP200, 000), as well as the GBP50, 000 fee component, due in cash at the Repayment Date, will be deferred for another 28 calendar days from the Repayment Date; and
3. Any additional costs / fees that may be incurred with the extension, implementation and execution of the re-negotiated loan agreement will be settled in Ordinary Shares of the Company, with the price of such shares to be determined in the same manner as under point 1 above. It is anticipated that the issuance of any Ordinary Shares for such additional costs / fees would occur contemporaneously with those being issued under point 1 above.
Louis Coetzee, CEO of Kibo Mining, said: "We are delighted that we have now received the Hume money and equally so with the outcome on the renegotiated Sunderland facility. The Hume money and amended Sunderland facility will significantly enhance Kibo's cash position and will allow the Company to continue to fund on-going operations and in particular stay on schedule with the integrated Mbeya Coal to Power Project ("MCPP") definitive feasibility study. It will also allow us to keep all the Company's strategic resources diligently focused and deployed in this regard.
Through careful forward planning, prudent financial management and creative use of resources, the Company was able to avoid a situation where the delayed receipt of the Hume Proceeds had any significant impact on ongoing work on any of the Company's work programs. The current position will allow us to continue doing the same, only more effectively and efficiently."
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining Chief Executive Officer plc -------------------- --------------------- -------------------- ------------------------------- Corporate Adviser and Andreas Lianos +27 (0) 83 4408365 River Group Designated Adviser on JSE -------------------- --------------------- -------------------- ------------------------------- Beaufort Securities Jon Belliss +44 (0) 207 382 Limited Broker 8300 -------------------- --------------------- -------------------- ------------------------------- RFC Ambrian Oliver Morse +61 8 9480 2500 Limited Nominated Adviser on AIM -------------------- --------------------- -------------------- ------------------------------- Daniel Thöle +44 (0) 203 772 Bell Pottinger Investor and Media Relations Anna Legge 2500 -------------------- --------------------- -------------------- -------------------------------
Johannesburg
28 January 2016
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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(END) Dow Jones Newswires
January 28, 2016 02:00 ET (07:00 GMT)
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