Kibo Mining Plc Share Issue (5235F)

TIDMKIBO

RNS Number : 5235F

Kibo Mining Plc

12 November 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")

12 November 2015

Share Issue

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development Company has today issued 1,666,667 Ordinary Shares (the "Shares") of EUR0.015 each in the capital of the Company at a price of 6p to Sanderson Capital Partners Limited ("Sanderson"). The Shares were issued upon receipt of GBP500,000 from Sanderson, representing the full drawdown amount of the loan facility provided by Sanderson to the Company, the details of which were announced on the Company's RNS of the 4(th) November 2015.

Application will be made for the Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Shares is expected to commence on AIM and the JSE on or around 17 November 2015 ("Admission"). On completion of Admission the Company will have 330,928,714 shares in issue.

Louis Coetzee, CEO of the Company, commented today: "Whilst confirming that the GBP526,000 placing proceeds due to the Company, which have been retained in the Hume client money account since March 2015, will be released to Kibo in due course, the administrators of Hume Capital have not been able to provide Kibo with a definitive timeline for the distribution. Accordingly Kibo has elected to draw down the loan facility from Sanderson in order to prevent the delay in the receipt of these funds from holding up work on the Mbeya Coal to Power Project ("MCPP") and Kibo's other projects."

Contacts

 
                       [phone]       Kibo Mining       Chief Executive Officer 
     Louis Coetzee                                  plc 
--------------------  -------------------  --------------------  ------------------------ 
   Andreas Lianos      [phone]       River Group          Corporate Adviser 
                                                                   and Designated Adviser 
                                                                           on JSE 
--------------------  -------------------  --------------------  ------------------------ 
     Jon Belliss        [phone]     Beaufort Securities           Broker 
                              8300                Limited 
--------------------  -------------------  --------------------  ------------------------ 
    Oliver Morse        [phone]         RFC Ambrian          Nominated Adviser 
                                                  Limited                  on AIM 
--------------------  -------------------  --------------------  ------------------------ 
                                              Bell Pottinger        Investor and Media 
   Daniel Thöle     [phone]                                 Relations 
     / Anna Legge              2500 
--------------------  -------------------  --------------------  ------------------------ 
 

Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource (See Table 1 below), and is developing a 250-350MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa Coal to Power Project ("RCPP"), with an established management team that includes Standard Bank as Financial Advisor. Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power Pre-Feasibility Study for the Mbeya project with an integrated Coal-Power interim study report to be released in the near term. On 20(th) April 2015, Kibo signed a Joint Development Agreement for the completion of the Definitive Feasibility Studies and development of the MCPP with China based EPC contractor SEPCO III.

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a 550,000oz JORC compliant gold Mineral Resource at Imweru Project (See Table 2 below) and a 168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando Project (See Table 3 below) in which the Company holds a 90% attributable interest. The Company is currently undertaking a Definitive Feasibility Study on its Imweru Project.

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 further holds the Pinewood (coal & uranium) project where the company has entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.

Finally the Company also holds the Morogoro (gold) project where the company has also entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.

The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company 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. The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

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

Johannesburg

12 November2015

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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November 12, 2015 08:00 ET (13:00 GMT)