Kibo Mining Plc Announcement Regarding Loan Facility (4483E)
November 04 2015 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 4483E
Kibo Mining Plc
04 November 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")
04 November 2015
Kibo Mining Agrees Unsecured, Interest Free Bridge Loan Facility
of GBP500,000
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focussed mineral exploration and development
Company is pleased to announce it has today entered into a loan
facility (the "Facility") with Sanderson Capital Partners Limited
("Sanderson") for an amount of GBP500,000 to be utilised by Kibo at
its sole discretion and election during the 3 month term of the
Facility. The Facility provides Kibo with access to funds which it
will be able to use at the Company's discretion as needed.
The Facility comprises an unsecured, interest free, fixed term
loan. A fee of GBP150,000 associated with the arrangement and
implementation of the Facility will become payable if the Facility
is utilised (the "Arrangement Fee"). The Arrangement Fee will be
paid one third in cash at repayment of the loan and two thirds in
shares at a fixed price of 6 pence per Kibo share on, or before the
drawdown date of any particular drawdown.
Louis Coetzee, CEO of Kibo Mining commented today: "Kibo is
pleased to have secured the GBP500,000 loan facility which will
provide the Company with short-term cash flow stability and
security in a tough market. This will support Kibo while we await a
definitive date for receiving the GBP526, 000.00 still held by the
administrator of Kibo's former broker Hume Capital, as highlighted
in our RNS dated 26 August 2015."
Contacts
+27 (0) 83 Kibo Mining Chief Executive
Louis Coetzee 2606126 plc Officer
-------------------- -------------- --------------- -------------------
Andreas Lianos +27 (0) 83 River Group Corporate Adviser
4408365 and Designated
Adviser on JSE
-------------------- -------------- --------------- -------------------
Jon Belliss +44 (0) 207 Beaufort Broker
382 8300 Securities
Limited
-------------------- -------------- --------------- -------------------
Oliver Morse +61 8 9480 RFC Ambrian Nominated Adviser
2500 Limited on AIM
-------------------- -------------- --------------- -------------------
Bell Pottinger Investor and Media
Daniel Thöle +44 (0) 203 Relations
/ Anna Legge 772 2500
-------------------- -------------- --------------- -------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. Tanzania provides a
secure and stable operating environment for the mineral resource
industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a
significant JORC compliant defined resource (See Table 1 below),
and is developing a 250-350MW mouth-of-mine thermal power station,
the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa
Coal to Power Project ("RCPP"), with an established management team
that includes Standard Bank as Financial Advisor. Kibo is
undertaking a Coal Mining Definitive Feasibility Study and a Power
Pre-Feasibility Study for the Mbeya project with an integrated
Coal-Power interim study report to be released in the near term. On
20(th) April 2015, Kibo signed a Joint Development Agreement for
the completion of the Definitive Feasibility Studies and
development of the MCPP with China based EPC contractor SEPCO
III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000oz JORC compliant gold
Mineral Resource at Imweru Project (See Table 2 below) and a
168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando
Project (See Table 3 below) in which the Company holds a 90%
attributable interest. The Company is currently undertaking a
Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally the Company also holds the Morogoro (gold) project where
the company has also entered into a 50/50 Exploration Joint Venture
with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritised infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognises the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
04 November2015
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUORBRVUAARAA
(END) Dow Jones Newswires
November 04, 2015 02:00 ET (07:00 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Apr 2023 to Apr 2024
