Kibo Mining Plc Transfer of Kibo Shares to Sanderson (3094J)
September 08 2016 - 4:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3094J
Kibo Mining Plc
08 September 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")
8(th) September 2016
Transfer of Kibo Shares to Sanderson from Company's Treasury
Account
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company has today issued 2,712,477 Ordinary Shares (the "Conversion
Shares") in the capital of the Company to Sanderson Capital
Partners Limited ("Sanderson") from a Company held forfeited share
treasury account ("Treasury Account"). The Conversion Shares were
issued as part of the settlement under the re-negotiated terms for
payback of the loan facility (the "Facility") from Sanderson, the
full details of which were recently announced in the Company's RNS
of 01 September 2016. The Conversion Shares will be issued to
Sanderson at a price of 5.53p per share, being the Kibo closing
price on 1 September 2016 (the "Conversion Date") for a value of
GBP150,000. As notified in the Company's announcement on 1
September 2016, the Facility amount of GBP1,500,000 converted to a
2.5% equity interest in the MCPP project Company on the Conversion
Date.
The Conversion Shares were issued to Sanderson from the
4,090,000 forfeited shares ("Forfeited Shares") held by the Company
in the Treasury Account since 23(rd) June 2015 and have already
been admitted to trading on AIM. An application for the Conversion
Shares to be admitted to trading on the JSE AltX markets is
required ("JSE Admission"), and pending approval for JSE Admission,
trading on the JSE will commence on or around 9(th) September 2016.
On completion of JSE Admission the Company's shares in issue will
remain at 355,603,745 with a reduction in the number of Forfeited
Shares in the Company's Treasury Account to 1,377,523.
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining plc Chief Executive Officer
--------------------- ---------------------- ---------------------- ----------------------------
Corporate Adviser
Andreas Lianos +27 (0) 83 4408365 River Group and
Designated Adviser
on
JSE
--------------------- ---------------------- ---------------------- ----------------------------
Jon Belliss +44 (0) 207 382 Beaufort Broker
8300 Securities Limited
--------------------- ---------------------- ---------------------- ----------------------------
Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser on
Limited AIM
--------------------- ---------------------- ---------------------- ----------------------------
Daniel Thöle +44 (0) 203 772 Bell Pottinger Investor and Media
/
Anna Legge 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 Mbeya, which has a
significant NI 43-101 compliant defined resource, and is developing
a 250-350 MW 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 Bankable Feasibility
Study report for the MCPP to be released in the near term. On 25
August 2016, Kibo signed an Agreement with China based EPC
contractor SEPCO III granting it the right to become the sole
bidder for the EPC contract to build the power plant component of
the MCPP in exchange for SEPCO III refunding 50% of the development
costs incurred by Kibo to date on the project. Kibo has already
received the first tranche of this funding in the amount of US$1.8
million on the 5(th) September 2016
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has 100% owned projects with a 550,000 oz. JORC
compliant gold Mineral Resource at the Imweru Project and a 168,000
oz. NI 43-101 compliant gold Mineral Resource at the Lubando
Project. 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 prioritized 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 recognizes 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
8th September 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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