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")
18 June 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 25 March 2015, regarding the delayed receipt of the proceeds of its February placing, due to the fact that the Company's previous brokers Hume Capital Securities plc ("Hume Capital") had appointed administrators.
Kibo has been in regular contact with the joint special administrators of Hume Capital who have now confirmed that they are in the final stages of the administration process and anticipate disbursing client monies under administration in one lump sum payment by early September 2015. Kibo understands that substantially all of the £526, 000.00 (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, less a small proportion representing costs of the administration.
Forfeiture procedure in respect of the approximately £204,000 (representing the consideration for 4,080,000 Kibo shares which were to be issued to Hume Capital's discretionary clients) for cancellation by the Company, as previously notified to the market, is also in an advanced stage and will be completed soon.
Further information will be provided to investors as it becomes available to the Company.
Louis Coetzee, CEO of Kibo Mining, said: "The latest developments with regard to the February placing with Hume, together with the precautionary measures taken to date, will ensure that the Company's ongoing business activities have not, and will not be affected adversely in any way. The Company has been conducting its business as usual, without any undue disruption. Shareholders can expect regular further updates on the Company's activities in the coming weeks."
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 |
+44 (0) 207 382 8300 |
Beaufort Securities Limited |
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
18 June 2015
Corporate and Designated Adviser
River Group
