Kibo Mining plc, the multi-asset Africa-focused energy and resource company, is pleased to announce that it has received commitments to raise £750,000 before expenses via a placing of 17 647 060 ordinary shares of par value Eur. 0.015 each (new ordinary shares) at a placing price of 4.25p per New Ordinary Share (the ‘Placing).
The Placing has been arranged by Kibo’s UK Broker, Beaufort Securities Limited and the Company expects to pay an aggregate of £75 000 expenses associated with the placement.
“The funds raised today enable us to build on our strategy to create a strategic regional electricity supplier. Our portfolio of power projects, including our flagship 300MW Mbeya Coal to Power Project (MCPP), is rapidly advancing and I look forward to updating both new and existing shareholders on progress soon,” says Louis Coetzee, Kibo Chief Executive Officer.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the New Ordinary Shares is expected to commence on AIM and the JSE on or around 5 March 2018 (Admission). Following Admission, the Company will have 412 901 424 shares in issue.