Results of EGM and Capital Reorganisation Details

RNS Number : 6696A

Kibo Mining Plc

22 March 2013

 

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: IE00B61XQX41

("Kibo" or "the Company")                        

22 March 2013

Results of EGM and Capital Reorganisation Details

Kibo Mining plc (AIM: KIBO), (JSE: KBO) ("Kibo" or the "Company"), the Tanzania focused mineral exploration and development company, is pleased to announce that all resolutions at its Extraordinary General Meeting held today were approved by shareholders.

All the resolutions were carried by 99.98% of votes cast by proxy and by those shareholders in attendance at the meeting. Kibo will now proceed to effect the capital reorganisation to which the resolutions related.  The changes to its capital structure and the dates in relation to capital reorganisation are confirmed below. 

Changes to Number of Shares, Options and Warrants in Issue

The net result of the reorganisation is that holders will receive 1 new share of €0.015 in lieu of every 15 existing shares held.  Outstanding shares and warrants will be reorganised on a similar basis.

The total number of existing ordinary shares in Kibo currently in issue, prior to the reorganisation, is 1,291,394,535.  Following the reorganisation, the Company will have 86,092,969 ordinary shares of €0.015 par value in issue.

The total number of options and warrants to acquire new ordinary shares in the Company, together with their exercise prices, before and after the reorganisation are tabled below.

	Pre- Share Re-organisation		Post Share Re-organisation
Expiry Date	Number	Exercise Price	Number	Exercise Price
Warrants
27 Apr 2015	1,539,259	£0.015	102,616	£0.225
21 Oct 2015	125,000	£0.020	8,333	£0.30
11 Feb 2014	28,126,860	€0.01	1,875,117	€0.15
Options
27 Apr 2015	2,539,258	£0.015	169,283	£0.225
31 Mar 16	12,900,000	£0.0388	859,994	£0.582
7 Sept 2015	4,000.000	£0.0231	266,666	£0.347
Total Options & Warrants	49,230,377		3,282,009

Expected Timetable of Principal Events

Record Date:                                                                                        COB 22 March 2013

Admission of new shares and commencement of dealings:                      8am 25 March 2013

New ordinary shares credited to CREST or STRATE accounts:            25 March 2013

Despatch of certificates for new shares in certificated form:                    29 March 2013

All references to times and dates above are to times and dates in Dublin, Ireland.

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Bellis	[phone]	XCap Securities plc	Joint Broker
Matthew Johnson	[phone]	Northland Capital Partners Limited	Joint Broker
Stuart Laing	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Matt Beale	[phone]	Fortbridge	Public Relations

Updates on the Company's activities are regularly posted on its website www.kibomining.com

General Background & Strategy

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011.  The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated Tanzanian staffs that operate from Kibo's operations office in Dar es Salaam.

The mineral assets of the Company now comprise five projects in Tanzania - Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium) which give Kibo access to 38,000 km² of early stage exploration licences in Tanzania's premier gold mining region, the Lake Victoria Goldfield, within the emerging gold exploration regions in eastern Tanzania and uranium and coal regions in south-western Tanzania.

The Rukwa and Pinewood projects provide Kibo shareholders with exposure to an attractive portfolio of strategic energy assets in Tanzania.  Importantly, they are situated within and close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.

The Rukwa project has a significant Mineral Resource of thermal coal already defined.  This provides nearer term development and commercialisation potential, complementing the other earlier stage exploration projects held by Kibo.  This is further supported by the memorandum of understanding that has already been entered into with a major Asian conglomerate for the development of a coal mine and mine-mouth coal-fired power plant based on the Rukwa project. 

In addition, the Pinewood project encompasses a significant ground holding of prospective Karoo sequence sedimentary rocks.  These sediments are attracting considerable interest from international companies exploring for uranium and coal mineralisation following some notable discoveries in recent years.

Kibo's objective is to build shareholder value in a sustainable manner.  This objective will be pursued primarily through active exploration of its own projects and by using the Company's experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company's own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus.  Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.

Johannesburg

22 March 2013

Corporate and Designated Adviser

River group

 

END

 

 

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