Kibo Mining Plc Share Issue (8561Y)
May 20 2016 - 4:00AM
UK Regulatory
TIDMKIBO
RNS Number : 8561Y
Kibo Mining Plc
20 May 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")
20 May 2016
Share Issue
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company has today elected to make the third drawdown of the loan
facility (the "Facility") provided to the Company by Sanderson
Capital Partners Limited ("Sanderson"), the details of which were
announced on the Company's RNS of 03 March 2016.
In accordance with the terms of the Facility the Company has
today allotted 1,406,897 Ordinary Shares (the "Sanderson Shares")
of EUR0.015 par value each in the capital of the Company to
Sanderson. The Sanderson Shares will be issued as a drawdown fee
upon receipt of GBP300,000 from Sanderson, representing the third
drawdown on the Facility of up to GBP1,500,000 provided by
Sanderson to the Company. The Sanderson Shares comprise 1,186,046
shares to be issued in relation to the third drawdown and a further
issue of 220,851 shares in relation to the second drawdown
(announced on 12 April 2016). The mid-price for Kibo shares on 12
April 2016 of 3.625 pence per share was outside the 4 pence to 5
pence per share range in which the standard drawdown fee is fixed
at 1,186,046 Ordinary Shares in Kibo. This gave rise to a shortfall
in the shares issued to Sanderson in respect of the second drawdown
fee of GBP51,000, which was calculated on an effective price of 4.3
pence per share.
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 26th May 2016
("Admission"). On completion of Admission the Company will have
353,012,435 shares in issue.
Contacts
+27 (0) 83 Kibo Mining Chief Executive
Louis Coetzee 2606126 plc Officer
------------------- ----------- ------------------- -------------------------
Andreas Lianos +27 (0) 83 River Group Corporate Adviser
4408365 and Designated
Adviser on JSE
------------------- ----------- ------------------- -------------------------
Jon Belliss +44 (0) 207 Beaufort Broker
382 8300 Securities
Limited
------------------- ----------- ------------------- -------------------------
Oliver Morse +61 8 9480 RFC Ambrian Nominated Adviser
2500 Limited on AIM
------------------- ----------- ------------------- -------------------------
Daniel Thöle +44 (0) 203
/ Anna Legge 772 2500 Bell Pottinger Investor and Media
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 Mbeya, which has a
significant JORC compliant defined resource, and is developing a
250-350MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), with an established management team that
includes Standard Bank as Financial Advisor. Kibo is undertaking a
Coal Mining Definitive Feasibility Study and a Power Definitive
Feasibility Study for the Mbeya project with an integrated Bankable
Feasibility Report for the MCPP to be released in the near term. On
20th 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 and a 168,000oz NI 43-101
compliant gold Mineral Resource at the Lubando Project 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 20 May 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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