Warrant issue, Warrant Exercise & New Share Issue

RNS Number : 7185C

Kibo Mining Plc

21 January 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: IE00B61XQX41

("Kibo" or "the Company")

 

Dated: 21  January 2015

Warrant issue, Warrant Exercise and New Share Issue to Metal Tiger Plc

On the 14 January 2015, Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, announced that it was proceeding to complete its Joint Venture (the "Completion") on Kibo's uranium-prospective portfolio in Tanzania ("Pinewood Portfolio") with Metal Tiger Plc ("Metal Tiger") under the terms of a memorandum of understanding signed on the 21 November 2014("the MOU").

Under the terms of the Completion and pursuant to the terms of the MOU, Kibo is pleased to announce it has now issued Metal Tiger with 10 million warrants for 10 million new ordinary shares in Kibo with an exercise price of 3p each and a term of 3 years effective from the 19 January 2015.  Kibo has also received a formal exercise notice document from Metal Tiger to convert the warrants to ordinary shares (the "Warrant Shares") and payment of £300,000 in consideration for the Warrant Shares which the Company has today issued to Metal Tiger.

Application will be made for the Warrant Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Warrant Shares is expected to commence on AIM and the JSE on or around 26 January 2015 ("Admission"). On Admission, the Company will have 284,238,757 Ordinary Shares in issue and 1,406,892 options & warrants outstanding. Following Admission Metal Tiger will be a significant shareholder in the Company with greater than a 3% interest. 

Louis Coetzee, CEO of Kibo Mining, said: "We are pleased to see the immediate conversion of the Metal Tiger Warrants and have immediate receipt of the £300,000, due in respect of the warrant conversion. This amount provides a material boost to the company's cash reserves and will assist with general working capital and costs related to third party discussions and negotiations we are finalising with regard to our key assets."

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss Abigail Wayne	[phone]	Hume Capital Securities Plc	Broker
Oliver Morse and Trinity McIntyre	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle Lucinda Alderson	[phone]	Bell Pottinger	Investor and Media Relations

Johannesburg

21 January 2015

Corporate and Designated Adviser

River Group

 

END

 

 

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