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Kibo Mining Plc (KIBO)

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Monday 31 March, 2014

Kibo Mining Plc

Kibo Mining raises ?750,000 in Share Placing

RNS Number : 5516D
Kibo Mining Plc
31 March 2014
 

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: 31 March 2014

 

 

 

Kibo Mining raises £750,000 in Share Placing

 

Kibo Mining plc ("Kibo"or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to announce it has received commitments to a share
placing of 30,038,000 new ordinary shares of Eur. 0.015 in the capital of the Company with clients
of Kibo'sUK Broker, Hume Capital Securities Plc at a placingprice of 2.5p per share (the "PlacingShares"),
to raise gross proceedsof £750,950 before
expenses (the "Placing"). The funds raised will primarily be
used to initiate a Phase 2 drilling programme at its Imweru gold exploration property in Tanzaniaas well as for general workingcapital purposes.

 

Application will be made for the PlacingShares to be admitted to tradingon AIM and the JSE AltX markets.Trading
in the Placing Sharesis expected to commence on AIM and the JSE on or around 7 April 2014 ("Admission").
On Admission the Companywill have 171,154,691 shares in issue.

 

Louis Coetzee, CEO of the Company,commented today: "We are pleased that the latest placing allows Kibo to maintain the significant momentum we have generated on all our projects over the past 8 months. We will now be able to continue advancing our Imweru Gold Project with a view to early commissioning of preliminary economic studies and assessment of the project.

 

Contacts

Louis Coetzee

+27 (0) 83 2606126

Kibo Mining plc

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate Adviser and Designated Adviser on JSE

Jon Belliss

Abigail Wayne

+44 (0) 20 3693 1470

Hume Capital Securities Plc

Broker

Oliver Morse

+61 8 94802500

RFC Ambrian Limited

Nominated Adviser on AIM

Daniel Thöle

Lydia Eades

+44 (0) 207 8611606

+44 (0) 207 8613126

 Bell Pottinger

Investor and Media Relations

 

 

Kibo Mining - Notes to editors

 

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

 

Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource, and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor.

 

Kibo also holds the Haneti Licence on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals.

 

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a substantial existing JORC compliant gold resource and is seeking to materially increase this resource through exploration of known extensions to existing mineralisation.

 

Kibo Mining also holds the Pinewood (coal & uranium) projects.

 

The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held.  The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

 

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

 

 

     Johannesburg

31 March 2014

Corporate and Designated Adviser

River Group


This information is provided by RNS
The company news service from the London Stock Exchange
 
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