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Kibo Mining Plc (KIBO)

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Tuesday 17 March, 2015

Kibo Mining Plc

Proceeds of Placing

RNS Number : 6216H
Kibo Mining Plc
17 March 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")

 

Dated: 17 March  2015

 

 

Proceeds of Placing

 

 

Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, notes the announcement made by its UK broker, Hume Capital Securities plc ("Hume Capital"), on 11 March 2015, of its intention to appoint an administrator under the Investment Bank Special Administration Regulations 2011 ("SAR"). The SAR regime will dictate the timing and manner in which client assets will be dealt with, although one of the objectives of the SAR is the return of client assets as soon as reasonably practicable. According to this announcement, Hume Capital or its administrators are not able to release client money it holds without first obtaining the consent of the Financial Conduct Authority.

 

Kibo announced a share placing of £950,000 through Hume Capital on 2 March 2015 ("Placing"). To date, the Company has received £219,500 of the gross proceeds of the Placing. Hume Capital has confirmed that the balance of £730,500 payable to Kibo remains in Hume Capital's client money account. Hume Capital has been unable to provide a timeline for the expected release of the outstanding placing proceeds to Kibo.

 

The Company's current cash balance is however sufficient to fund its ongoing activities for the short to medium term. The Directors will provide a further update once more information as to the timing for the release of the Placing proceeds from Hume Capital has been made available.

 

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 9480 2500

RFC Ambrian Limited

Nominated Adviser on AIM

Daniel Thöle

Lucinda Alderson

+44 (0) 203 772 2500

 

 Bell Pottinger

Investor and Media Relations

 

 

 

Johannesburg

17 March 2015

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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