Kibo Energy PLC Funding Facility and Issue of Shares (9077B)
February 16 2022 - 9:15AM
UK Regulatory
TIDMKIBO
RNS Number : 9077B
Kibo Energy PLC
16 February 2022
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: 16 February 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Signing of Funding Facility Agreement with Institutional
Investor and Issue of Shares in lieu of Payment
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, is pleased to announce that it has
today signed a bridge loan facility agreement (the "Facility") with
an Institutional Investor (the "Investor") for up to GBP3m with a
term of up to 36 months. The Facility provides for an initial
drawdown (the "Initial Advance") of GBP1m which is immediately
available to the Company on signing of the Facility. Funds advanced
under the Facility will attract a fixed coupon interest rate of
3.5% and will be repayable with accrued interest, 4 months from the
date of drawdown.
The Investor shall receive warrants equal to 30% of each
drawdown divided by the average of the daily VWAP for each of the 5
consecutive trading days immediately prior to the applicable
drawdown date ("Reference Price"), with a 36-month term to expiry
from the date of issuance. The warrants are exercisable at a
subscription price being equal to 130% of the then prevailing
Reference Price. If the share price of the Company is above a 100%
premium to the relevant exercise price for 30 consecutive days,
then 50% of the warrants will be cancelled, unless otherwise
previously exercised. With regards to the Initial Advance, the
Investor will receive 168,274,625 warrants.
In compliance with the Facility terms for the Initial Advance,
the Company has issued shares in settlement of a facility
implementation fee of GBP70k in the amount of 39,264,079 new
ordinary Kibo shares of EUR0.001 each at a deemed price of 0.17828
pence per share (the "Implementation Fee Shares").
Additionally, the Company has is sued 13,157,895 new ordinary
Kibo shares of EUR0.001 each at 0.19 pence per share (the
"Settlement Shares") to certain providers of financial and
technical services in payment of outstanding invoices.
Louis Coetzee, CEO of Kibo commented, "The Facility is one of
the steps driving Kibo towards a fully renewable future,
culminating in potentially highly predictable revenues and cash
flow streams. It is very satisfying to be able to build a portfolio
that is both environmentally positive and has potential to generate
strong growth and reliable returns for shareholders. We also
believe that the support of an institional investor at this point
in our development is an indication of the credibility of our
strategic plan and operational execution. We are pleased to have
procured this Facility on very favorable and competitive terms,
which will provide the company with access to the immediate capital
required to develop the various projects it is currently working
on. In particular, this Facility will advance the Company's
waste-to-energy portfolio, see RNS of 14 February 2022, by meeting
the immediate funding requirements on these projects."
Admission and Total Voting Rights
Application will be made for the Implementation Fee Shares and
Settlement Shares to be admitted to trading on AIM and the JSE AltX
markets. Trading in the Implementation Fee Shares and Settlement
Shares are expected to commence on AIM and the JSE on or around 23
February 2022 ('Admission'). Following Admission, the Company will
have 2,983,079,411 shares in issue and this figure may be used by
shareholders as the denominator for the calculations to determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy Chief Executive Officer
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------------- ------------------ ----------------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Joint Broker
------------------------- ------------------ ----------------------------
Damon Heath +44 207 186 9952 Shard Capital Joint Broker
Partners LLP
------------------------- ------------------ ----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Ltd
Allen
------------------------- ------------------ ----------------------------
Isabel de info@stbridespartners.com St Brides Partners Investor and Media Relations
Salis / Oonagh Adviser
Reidy
--------------- ------------------------- ------------------ ----------------------------
Johannesburg
16 February 2022
Corporate and Designated Adviser
River Group
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END
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