Capital/Financing Update • Dec 3, 2015
Capital/Financing Update
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National Storage Mechanism | Additional information
RNS Number : 8599H
Kibo Mining Plc
03 December 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")
Update on Proceeds of Hume Placing
Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide a further update, regarding the delayed receipt of final proceeds from its February 2015 placing with Hume Capital Securities plc ("Hume Capital").
Pursuant to the terms of a previous notice dated 20 August 2015 and reported to the market on 26 August 2015, the Joint Special Administrators of Hume Capital had informed the Company that client monies would be distributed by the earliest on 2 October 2015, but no later than within two months from 2 October 2015.
The Company has now received a further Notice from the Joint Special Administrators, dated 02 December 2015, advising the first and final distribution of client monies shall be postponed for a further period, no longer than two months from 27 November 2015.
As announced on previous updates to shareholders, the Joint Special Administrators has confirmed to Kibo that all of the £526,000 (representing the consideration for 10,520,000 shares which were to be issued to third party investors) that had been paid into Hume Capital's client money account, will be released to Kibo, less a small proportion representing costs of the administration, which can now be confirmed to be in the range of £5,000 to £7,000. The Joint Special Administrators have also confirmed that no further delays / postponements are expected with regard to payment of the £526,000.
Further updates will be provided to investors as it becomes available to the Company.
Louis Coetzee, CEO of Kibo Mining, said: "A further delay in the receipt of Company funds from Hume was always expected as a very real possibility but will not impact on the Company's cash and / or cash flow position. As announced during November the Company has already made alternative financial provision to provide short term cash flow stability in anticipation of this delay and we are pleased to note that substantially all the funds will be released to Kibo before the end of January 2016."
| 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 | +44 (0) 207 382 8300 | Beaufort Securities Limited | Broker |
| Oliver Morse | +61 8 9480 2500 | RFC Ambrian Limited | Nominated Adviser on AIM |
| Daniel Thöle Anna Legge |
+44 (0) 203 772 2500 | Bell Pottinger | Investor and Media Relations |
Johannesburg
03 August 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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