| Tue 7 Feb 2012, 16:51 | | KBO - Kibo Mining Plc - Issue of Equity |
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KBO
KBO
KBO - Kibo Mining Plc - Issue of Equity
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")
Issue of Equity
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the mineral
exploration and development company focused on gold and nickel projects in
Tanzania is pleased to announce that Mzuri Gold Limited ("Mzuri") has today
agreed to subscribe for a total of 37,500,000 new Ordinary Shares of Euro0.01
each in the capital of the Company at a placing price of 2p per new Ordinary
Share to raise GBP750,000, before expenses (the "Placing"). This represents a
premium of approximately 23% to the mid-market price, of 1.625p, immediately
prior to agreeing the Placing The net proceeds from the Placing will be used to
finance continued exploration in Tanzania and for general working capital
purposes.
The Placing is conditional on the 37,500,000 new Ordinary Shares of Euro0.01
each in the capital of the Company (the "Placing Shares") being admitted to
trading on AIM and the JSE Limited (the "JSE"). The Placing Shares will
represent approximately 9.03per cent of the issued share capital of the Company
as enlarged by the Placing.
Following the Placing, Mzuri and its related party`s will hold 122,072,273
Ordinary Shares, which is approximately 29.41% of the issued share capital of
the Company as enlarged by the Placing.
An application will be made to the London Stock Exchange (the LSE") and JSE for
the Placing Shares, which will rank pari passu with the Company`s existing
issued Ordinary Shares, to be admitted to trading and dealings are expected to
commence on the LSE at 8:00 a.m. (GMT) on Thursday 16 February 2012 and to
commence on the JSE at 10:00 a.m. on or about Thursday 16 February 2012.
Following the issue of the Placing Shares the Company`s total issued share
capital will be 415,129,511 Ordinary Shares of Euro0.01 each. In accordance with
the Financial Services Authority Disclosure and Transparency Rules, the Company
has 415,129,511 Ordinary Shares of Euro0.01 each in issue, each share carrying
the right to one vote. The Company does not hold any Ordinary Shares in
Treasury.
The above figure of 415,129,511 Ordinary Shares may be used by Shareholders in
the Company as the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to their interest
in, the share capital of the Company under the Financial Service Authority`s
Disclosure and Transparency Rules.
Commenting today, Louis Coetzee, CEO of Kibo said:
"We are delighted with this fund raising as it allows us to complete Stage 1 of
the field exploration now in progress on our Tanzanian projects. We believe
there is significant potential, to discover new gold and nickel mineralisation
on our favourably located licence portfolio within Tanzania`s established and
newly emerging gold exploration regions and we anticipate having targets ready
for drilling later in 2012".
Enquiries:
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive
Officer
Noel O`Keeffe +353 (0)91 384562 Kibo Mining plc Exploration Director
John Simpson +44 (0)207 7766550 Daniel Stewart & Nominated Advisor
Company Plc
Andreas Lianos +27 (0)83 4408365 River Group Designated Advisor
Nick Bealer +44 (0)207 7109612 Cornhill Capital Broker (Corporate
Ltd Broking)
Andrew Frangos +44 (0)207 7109610 Cornhill Capital Broker (Corporate
Ltd Finance)
Matt Beale +44 (0)7966 389 Fortbridge Public Relations
196 Consulting UK
Updates on the Company`s activities are regularly posted on its website
www.kibomining.com
Notes to Editors:
Kibo is a public company registered in Ireland (company number 451931). Its
registered office is Kibo Mining plc, Suite 3, One Earlsfort Centre, Lower Hatch
Street, Dublin 2, Ireland. 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 highly experienced professionals spanning
mineral exploration, mine development, mining finance and financial control of
public companies. It is supported by well trained and highly motivated Tanzanian
staff that operates from Kibo`s exploration offices in Dar es Salaam and Mwanza.
The mineral assets of the Company comprise three projects in Tanzania - Haneti
(nickel, platinoid elements and gold), Morogoro (Gold) and Lake Victoria (Gold)
which give Kibo access to over 18,000 km2 of early stage exploration licences in
Tanzania`s premier gold mining region, the Lake Victoria Goldfield and within
the newly emerging gold exploration regions in eastern Tanzania
Strategy
Kibo`s objective is to enhance Shareholder value through acquisition,
exploration and development of mineral assets in Tanzania. This objective will
be pursued primarily through active exploration, particularly drilling on its
current projects and by using the Company`s experience in Tanzania to acquire
further quality mineral projects on competitive terms that can be quickly
evaluated and taken to the next stage of development. Kibo will undertake
continual risk assessment of its projects and take whatever actions it believes
are necessary to ensure that these risks are mitigated.
7 February 2012
Pretoria
Designated Advisor
River Group
Date: 07/02/2012 16:51:48 Produced by the JSE SENS Department.
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