Kibo Mining Plc Update on Proceeds of Hume Placing (0617X)
August 26 2015 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 0617X
Kibo Mining Plc
26 August 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")
26 August 2015
Update on Proceeds of Hume Placing
Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX:
KBO), the Tanzania focused mineral exploration and development
company, is pleased to provide the following update to the
announcement it made on 18 June 2015, regarding the delayed receipt
of final proceeds from its February placing, due to the fact that
the Company's previous brokers Hume Capital Securities plc ("Hume
Capital") had appointed administrators.
The Company is pleased to announce that following a Court order
at a hearing on the 10(th) August 2015 approving the Client Money
Distribution Procedure, the Joint Special Administrators issued a
notice (the "Notice") to clients (including Kibo) dated 20(th)
August 2015 on the procedures pertaining to the distribution of the
Client Money Pool.
Pursuant to the terms of this Notice, the Joint Special
Administrators client monies will be distributed by earliest on the
2(nd) October 2015 (the "Date of Proving"), but no later than
within two months from the 2(nd) October 2015.
As previously announced, Kibo understands that substantially all
of the GBP526,000 (representing the consideration for 10,520,000
shares which were to be issued to third party investors) which had
been paid into Hume Capital's client money account, will be
released to Kibo, less a small proportion representing costs of the
administration.
Further updates will be provided to investors as it becomes
available to the Company.
Louis Coetzee, CEO of Kibo Mining, said: "We are pleased that
all uncertainty related to the February Hume placing has now been
removed. Kibo will receive substantially all of the GBP526,000
still owed to the Company and this will have a significantly
positive impact on the Company's cash position."
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining Chief Executive Officer
plc
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Corporate Adviser and
Andreas Lianos +27 (0) 83 4408365 River Group Designated Adviser on
JSE
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Beaufort Securities
Jon Belliss +44 (0) 207 382 Limited Broker
8300
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Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser on
Limited AIM
------------------ --------------------- -------------------- -----------------------------
Daniel Thöle +44 (0) 203 772 Bell Pottinger Investor and Media Relations
2500
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Johannesburg
26 August 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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