Kibo Mining Plc New Broker & Update on Placement Proceeds (6801G)
March 05 2018 - 5:30AM
UK Regulatory
TIDMKIBO
RNS Number : 6801G
Kibo Mining Plc
05 March 2018
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: 5(th) March 2018
Kibo Mining Plc ('Kibo' or the 'Company')
Appointment of new Broker and Update on Placement Proceeds
Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset
Africa-focused energy and resource company, is pleased to announce
a further update regarding Beaufort Securities Limited ("Beaufort")
and the Company placement for gross proceeds of GBP750,000
announced on 27 February 2018 (the "Placement").
Kibo has today appointed SVS Securities Limited ("SVS") as its
new broker pursuant to AIM Rule 35 to replace Beaufort. Beaufort
were placed into insolvency on 2 March 2018 and were ordered to
cease all regulatory activity by the Financial Conduct Authority.
SVS, as exclusive placee in the above referred placement, has
subsequently agreed to complete the Placement with the Company on
the same terms as the Company had agreed with Beaufort as the
company's agent and without delay. Under the new arrangement with
SVS the Company expects the aggregate expenses associated with the
Placement to be GBP37,500.
Kibo's CEO Louis Coetzee said: "We are pleased to appoint SVS as
the Company's new broker and to have reached agreement with them to
complete the placement announced on 27 February 2018 at such short
notice. This will ensure that the Company will receive the
placement proceeds without any delay."
Trading in the New Ordinary Shares is now expected to commence
on AIM and the JSE on or around 6 March 2018 ('Admission') as
initially advised. Following Admission, the Company will have
412,901,424 shares in issue.
**ENDS**
For further information please visit www.kibomining.com or
contact:
Louis Coetzee louisc@kibomining.com Kibo Mining Chief Executive
Plc Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser
and Designated
Adviser on
JSE
Ben Tadd +44 (0) 203 7000 SVS Securities Broker
/ 093 Limited
Tom Curran
Andrew Thomson +61 8 9480 2500 RFC Ambrian NOMAD on AIM
Limited
Isabel de +44 (0) 20 7236 St Brides Partners Investor and
Salis / Priit 1177 Ltd Media
Piip Relations Adviser
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Notes to editors
The Mbeya Coal to Power Project ('MCPP'), comprises the
development of the Mbeya Coal Mine, a 1.5Mt p/a mining operation
and the Mbeya Power Plant, a 300 MW mine-mouth thermal power
station.
The Mbeya Coal Mine has a defined 120.8 Mt NI 43 101 thermal
coal resource. A Definitive Feasibility Study has been conducted on
the project which underpins its value with an indicated IRR of
69.2%. The 300 MW mouth-of-mine thermal power station has long term
scalability to 1000MW, with a full Power Feasibility Study that has
been completed, highlighting an annual power output target of 1.8
GW based on annual average coal consumption of 1.5 Mt. An
Integrated Bankable Feasibility Study report for the entire project
indicated total potential revenues of US$ 7.5-8.5 billion over an
initial 25-year mine life, post tax equity IRR between 21-22%, debt
pay-back period of 11-12 years and a construction period of 36
months.
To assist in the execution of this critical power project of the
MCPP, Kibo has assembled an international team of advisors and
partners including Engineering Procurement and Construction ('EPC')
contractors and financial teams that are assisting in the
advancement and development of the MCPP. These include
ABSA/Barclays as Financial Advisor, China based EPC contractor
SEPCO III, General Electric, Tractebel Engineering (Power), Minxcon
Consulting (Mining) and legal advisors Norton Rose Fulbright.
Johannesburg
5 March 2018
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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