Kibo Energy PLC Clarification Statement (5266N)

TIDMKIBO

RNS Number : 5266N

Kibo Energy PLC

20 May 2020

Kibo Energy 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: 20 May 2020

Kibo Energy PLC ('Kibo' or the 'Company')

Clarification Statement

Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset, Africa focused, energy company, provides the following clarification statement regarding certain details announced in the RNS of 15 May 2020.

On careful assessment of all relevant facts concerning the vested interest of all key stakeholders, the Company confirms that it will be guided by the following criteria when making formal share conversion offers to individual members of the board and management of the Company in respect of fees and salaries in arrears (the 'Offer'), as described in paragraphs 6 and 7 of section 2.0 of the Circular (page 9), issued on 15 May 2020.

1. The conversion price per share will be the higher of the 10 day volume weighted average price following the first ten days of trading after the date of the EGM to be held on 8 June 2020 and the last placing price, being 0.45p (4.5p post consolidation) ("Issue Price"); and

2. Warrants will also be offered to convert at the Issue Price with a three-year term for exercise.

The board of the Company reserves its position to propose as an alternative to the Offer, a structured cash or deferred loan settlement in respect of the fees and salaries in arrears, should it decide that this alternative provides a better and more practical solution for the Company at the relevant time.

**ENDS**

For further information please visit www.kibo.energy or contact:

 
 Louis Coetzee      info@kibo .energy    Kibo Energy PLC       Chief Executive Officer 
 Andreas Lianos     [phone]   River Group           Corporate and Designated 
                                                                Adviser on JSE 
                   -------------------  --------------------  ------------------------- 
Philip Adler       [phone]       ETX Capital Limited   Joint Broker 
                    1494 
                   -------------------  --------------------  ------------------------- 
 Bhavesh Patel      [phone]     RFC Ambrian Limited   NOMAD on AIM 
  / Stephen Allen 
                   -------------------  --------------------  ------------------------- 
 Charlotte Page     [phone]      St Brides Partners    Investor and Media 
  /                  1177                 Ltd                   Relations Adviser 
  Beth Melluish 
                   -------------------  --------------------  ------------------------- 
 

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.

Johannesburg

20 May 2020

Corporate and Designated Adviser

River Group

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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May 20, 2020 10:55 ET (14:55 GMT)