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: IE00B61XQX41
("Kibo" or "the Company")
Dated: 21 January 2015
Warrant issue, Warrant Exercise and New Share Issue to Metal Tiger Plc
On the 14 January 2015, Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, announced that it was proceeding to complete its Joint Venture (the "Completion") on Kibo's uranium-prospective portfolio in Tanzania ("Pinewood Portfolio") with Metal Tiger Plc ("Metal Tiger") under the terms of a memorandum of understanding signed on the 21 November 2014("the MOU").
Under the terms of the Completion and pursuant to the terms of the MOU, Kibo is pleased to announce it has now issued Metal Tiger with 10 million warrants for 10 million new ordinary shares in Kibo with an exercise price of 3p each and a term of 3 years effective from the 19 January 2015. Kibo has also received a formal exercise notice document from Metal Tiger to convert the warrants to ordinary shares (the "Warrant Shares") and payment of £300,000 in consideration for the Warrant Shares which the Company has today issued to Metal Tiger.
Application will be made for the Warrant Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Warrant Shares is expected to commence on AIM and the JSE on or around 26 January 2015 ("Admission"). On Admission, the Company will have 284,238,757 Ordinary Shares in issue and 1,406,892 options & warrants outstanding. Following Admission Metal Tiger will be a significant shareholder in the Company with greater than a 3% interest.
Louis Coetzee, CEO of Kibo Mining, said: "We are pleased to see the immediate conversion of the Metal Tiger Warrants and have immediate receipt of the £300,000, due in respect of the warrant conversion. This amount provides a material boost to the company's cash reserves and will assist with general working capital and costs related to third party discussions and negotiations we are finalising with regard to our key assets."
Contacts
Louis Coetzee |
+27 (0) 83 2606126 |
Kibo Mining plc |
Chief Executive Officer |
Andreas Lianos |
+27 (0) 83 4408365 |
River Group |
Corporate Adviser and Designated Adviser on JSE |
Jon Belliss Abigail Wayne |
+44 (0) 20 3693 1470 |
Hume Capital Securities Plc |
Broker |
Oliver Morse and Trinity McIntyre |
+61 8 9480 2500 |
RFC Ambrian Limited |
Nominated Adviser on AIM |
Daniel Thöle Lucinda Alderson |
+44 (0) 203 772 2500 |
Bell Pottinger |
Investor and Media Relations |
Johannesburg
21 January 2015
Corporate and Designated Adviser
River Group
