Update on Proceeds of Hume Placing

RNS Number : 8599H

Kibo Mining Plc

03 December 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")

03 December 2015

Update on Proceeds of Hume Placing

Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide a further update, regarding the delayed receipt of final proceeds from its February 2015 placing with Hume Capital Securities plc ("Hume Capital").

Pursuant to the terms of a previous notice dated 20 August 2015 and reported to the market on 26 August 2015, the Joint Special Administrators of Hume Capital had informed the Company that client monies would be distributed by the  earliest on 2 October 2015, but no later than within two months from 2 October 2015.

The Company has now received a further Notice from the Joint Special Administrators, dated 02 December 2015, advising the first and final distribution of client monies shall be postponed for a further period, no longer than two months from 27 November 2015.

As announced on previous updates to shareholders, the Joint Special Administrators has confirmed to Kibo that all of the £526,000 (representing the consideration for 10,520,000 shares which were to be issued to third party investors) that had been paid into Hume Capital's client money account, will be released to Kibo, less a small proportion representing costs of the administration, which can now be confirmed to be in the range of £5,000 to £7,000. The Joint Special Administrators have also confirmed that no further delays / postponements are expected with regard to payment of the £526,000.

Further updates will be provided to investors as it becomes available to the Company.

Louis Coetzee, CEO of Kibo Mining, said: "A further delay in the receipt of Company funds from Hume was always expected as a very real possibility but will not impact on the Company's cash and / or cash flow position. As announced during November the Company has already made alternative financial provision to provide short term cash flow stability in anticipation of this delay and we are pleased to note that substantially all the funds will be released to Kibo before the end of January 2016."

 

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss	[phone]	Beaufort Securities Limited	Broker
Oliver Morse	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle Anna Legge	[phone]	Bell Pottinger	Investor and Media Relations

Johannesburg

03 August 2015

Corporate and Designated Adviser River Group

 

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