Update on Proceeds of Placing

RNS Number : 4252I

Kibo Mining Plc

25 March 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")

 

Dated: 25 March  2015

Update on Proceeds of Placing

Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, provides the following update to the announcement it made on 17 March 2015 regarding the delayed receipt of the proceeds of its recent placing due to the fact that Hume Capital Securities plc ("Hume Capital") had appointed administrators.

Kibo believes that, of the outstanding placing proceeds, £526,000 (representing the consideration for 10,520,000 Kibo 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, as soon as practically possible under the procedures established by the FCA for such circumstances.

However Kibo understands that the balance of the placing consideration of approximately £204,000 (representing the consideration for 4,080,000 Kibo shares which were to be issued to Hume Capital's discretionary clients) is unlikely to be released to the Company. The shares which were issued by Kibo in relation to this portion of the placing will likely be declared forfeit and cancelled by the Company, as provided for by the Company's Articles of Association.

Further information will be provided to investors as it becomes available to the Company.

Louis Coetzee, CEO of the Company, commented today: "The latest developments in relation to the Company's February placing with Hume, does not affect the Company's on-going business activities. Sufficient pre-cautionary measures are in place and have subsequently been introduced, to ensure that the Company can carry on with its business as usual, without any undue disruption. Shareholders can expect further updates on the various activities the Company has been reporting on over the past months, shortly."

Contacts

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

Johannesburg

25 March 2015

Corporate and Designated Adviser

River Group

 

END

 

 

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