Issue of Equity (9682W)
08 February 2012 - 1:45AM
UK Regulatory
TIDMKIBO
RNS Number : 9682W
Kibo Mining Plc
07 February 2012
KIBO MINING PLC
Issue of Equity
Dated: 7 February 2012
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 EUR0.01 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 EUR0.01 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 EUR0.01
each. In accordance with the Financial Services Authority
Disclosure and Transparency Rules, the Company has 415,129,511
Ordinary Shares of EUR0.01 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 Kibo Mining Chief Executive
2606126 plc Officer
Noel O'Keeffe +353 (0)91 Kibo Mining Exploration
384562 plc Director
John Simpson +44 (0)207 Daniel Stewart Nominated
7766550 & Company Advisor
Plc
Andreas Lianos +27 (0)83 River Group Designated
4408365 Advisor
Nick Bealer +44 (0)207 Cornhill Capital Broker (Corporate
7109612 Ltd Broking)
Andrew Frangos +44 (0)207 Cornhill Capital Broker (Corporate
7109610 Ltd Finance)
Matt Beale +44 (0)7966 Fortbridge Public Relations
389 196 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 km(2) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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