Update on Proceeds of Hume Placing

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 £526,000 (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 £526,000 still owed to the Company and this will have a significantly positive impact on the Company's cash position."

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss	[phone]	Beaufort Securities Limited	Broker
Oliver Morse	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle	[phone]	Bell Pottinger	Investor and Media Relations

Johannesburg

26 August 2015

Corporate and Designated Adviser River Group

 

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