Kibo Mining Plc Update on Proceeds of Placing (4252I)
March 25 2015 - 7:15AM
UK Regulatory
TIDMKIBO
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,
GBP526,000 (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 GBP204,000 (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
+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
------------------ ------------ ---------------- -------------------
Elliot Hance +44 (0) 207 Beaufort Broker
382 8300 Securities
Limited
------------------ ------------ ---------------- -------------------
Oliver Morse +61 8 9480 RFC Ambrian Nominated Adviser
2500 Limited on AIM
------------------ ------------ ---------------- -------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media
Lucinda Alderson 772 2500 Relations
------------------ ------------ ---------------- -------------------
Johannesburg
25 March 2015
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
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