Kibo Energy PLC Settlement of Outstanding Fees to Directors (7563X)
January 07 2022 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 7563X
Kibo Energy PLC
07 January 2022
Kibo Energy 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")
07 January 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Settlement of Outstanding Fees to Directors and Management for
the Period March 2019 to June 2020
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, announces that it has settled
outstanding fees owing to directors and management by the issue of
a 7% Convertible Loan Note Redeemable Instrument ("the Convertible
Instrument"). The Convertible Instrument provides for the issue of
unsecured redeemable convertible loan notes ("the Notes") of
integral multiples of GBP1 each to the aggregate amount of
GBP672,824.
The subscriptions for the Notes shall be used to fund the
Company's working capital requirements related to outstanding
salaries and fees due to management, directors and former directors
who are the sole subscribers to the Notes ("the Subscribers") pro
rata to the amounts owing to each Subscriber on the accounts of the
Company at the date of this announcement. During the stated
16-month period no salaries and fees were paid to management and
directors.
The Notes are convertible to Kibo ordinary shares ("Ordinary
Shares") at a price identical to the price paid per Ordinary Share
issued in the last private placing of Ordinary Shares undertaken by
the Company preceding the issue date of the Notes, or any
subsequent price paid per Ordinary Share issued in a subsequent
issue of Ordinary Shares undertaken by the Company before a
Subscriber converts the shares or the Redemption Date (as the case
may be), whichever is the lower price . The Redemption Date of the
notes is 1 March 2022 and Subscribers can convert some or all their
Notes to Ordinary Shares at any time from the date of issue to 5
business days before the Redemption Date.
Until the Notes are repaid by the Company or converted into
Ordinary Shares, interest shall accrue and be paid on the principal
amount of the Notes outstanding at 7% per annum.
The Subscribers have all received authorisation to subscribe for
the Notes under the provisions of the Company's Share Dealing Code
and in accordance with Market Abuse Directive & AIM
Regulations.
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy Chief Executive Officer
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------------- ------------------ ----------------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Broker
------------------------- ------------------ ----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Ltd
Allen
------------------------- ------------------ ----------------------------
Isabel de info@stbridespartners.com St Brides Partners Investor and Media Relations
Salis / Oonagh Adviser
Reidy
------------------------- ------------------ ----------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Johannesburg
07 January 2022
Corporate and Designated Adviser
River Group
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END
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