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: 17 March 2015
Proceeds of Placing
Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, notes the announcement made by its UK broker, Hume Capital Securities plc ("Hume Capital"), on 11 March 2015, of its intention to appoint an administrator under the Investment Bank Special Administration Regulations 2011 ("SAR"). The SAR regime will dictate the timing and manner in which client assets will be dealt with, although one of the objectives of the SAR is the return of client assets as soon as reasonably practicable. According to this announcement, Hume Capital or its administrators are not able to release client money it holds without first obtaining the consent of the Financial Conduct Authority.
Kibo announced a share placing of £950,000 through Hume Capital on 2 March 2015 ("Placing"). To date, the Company has received £219,500 of the gross proceeds of the Placing. Hume Capital has confirmed that the balance of £730,500 payable to Kibo remains in Hume Capital's client money account. Hume Capital has been unable to provide a timeline for the expected release of the outstanding placing proceeds to Kibo.
The Company's current cash balance is however sufficient to fund its ongoing activities for the short to medium term. The Directors will provide a further update once more information as to the timing for the release of the Placing proceeds from Hume Capital has been made available.
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 |
+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
17 March 2015
Corporate and Designated Adviser
River Group
