Kibo Mining Plc Kibo Mining raises £950,000.00 in Share Placing (2059G)
March 02 2015 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 2059G
Kibo Mining Plc
02 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:IE00B61XQX41
("Kibo" or "the Company")
02 March 2015
Kibo Mining raises GBP950 000.00 in Share Placing
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focussed mineral exploration and development
company is pleased to announce it has received commitments to a
share placing of 19 000 000 new ordinary shares of Eur. 0.015 in
the capital of the Company with clients of Kibo's UK Broker, Hume
Capital Securities Plc, at a placing price of 5p per share (the
"Placing Shares"), to raise gross proceeds of GBP950 000.00 before
expenses (the "Placing").
Application will be made for the Placing Shares to be admitted
to tradingon AIM and the JSE AltX markets.Trading in the Placing
Shares is expected to commenceon AIM and the JSE on or around 6
March 2015("Admission"). On completion of Admissionthe Companywill
have 303,238,757 shares in issue.
Louis Coetzee, CEO of the Company,commented today: " We are very
pleased to undertake this placing primarily because of the
strategic advantage of bolstering our cash position at this key
time in the company's development. This funding provides the
Company with a robust working capital position as we finalise
various commercial discussions and seek to maximise the value for
shareholders from our three key assets at Rukwa Coal to Power,
Imweru/Lake Victoria Goldfields and Haneti Nickel.
The Board of Kibo Mining share investors' interest in
controlling company share dilution, and this placing has been
undertaken because we believe the additional financial strength
achieved will provide a platform for further significant business
development and growth in the value of the Company's assets and
interests.
We continue to work proactively to progress various elements of
the Company's business and look forward to reporting further
significant progress to shareholders in the near future."
Contacts
Louis Coetzee +27 (0) 83 Kibo Mining Chief Executive
2606126 plc Officer
------------------ --------------- ---------------- --------------------
Andreas Lianos +27 (0) 83 Kibo Mining Executive Director,
4408365 plc & River Corporate Adviser
Group and Designated
Adviser on JSE
------------------ --------------- ---------------- --------------------
Jon Belliss + 44 (0) 20 Hume Capital Broker
3216 2630 (Previously
XCAP)
------------------ --------------- ---------------- --------------------
Oliver Morse +61 8 94802500 RFC Ambrian Nominated Adviser
Limited on AIM
------------------ --------------- ---------------- --------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media
Lucinda Alderson 772 2500 Relations
------------------ --------------- ---------------- --------------------
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
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 Rukwa with
an integrated Coal-Power interim study report to be released in the
near term.
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 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
02 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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