Kibo Energy PLC

Major Shareholding Notification • Oct 26, 2023

National Storage Mechanism | Additional information

RNS Number : 3230R

Kibo Energy PLC

26 October 2023

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

LEI code: 635400WTCRIZB6TVGZ23

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

('Kibo' or 'the Company')

Dated: 26 October 2023

Kibo Energy PLC ('Kibo' or the 'Company')

Change of Holding in Mast Energy Developments PLC

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces that further to its RNS announcement of 5 October 2023 on receipt of 31,646,424 shares (the "Settlement Shares") from Mast Energy Development PLC ("MED"), in lieu of cash for partial settlement of £469,000 of the total remaining outstanding loan amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus) Limited, the Company has decided to realize a portion of said share payment in cash. To this effect the Company has now realized in cash net proceeds of £259,845 through the sale of 20,250,000 of said Settlement Shares.

As a result of this recent disposal of its MED shares, the Company's beneficial holding in MED now stands at 48.35% (total holding of 127,561,746 shares) and a TR1 Notification has been sent to MED notifying it of this change in holding.

The proceeds from the sale of the Settlement Shares will be used for Kibo's on-going working capital requirements of which it will receive £173,230 of the total proceeds of £259,845, with the balance going towards funding its group companies and to reduce the outstanding balance on the Company's reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd (refer Kibo RNS announcements of 11 and 26 April 2023).

Louis Coetzee, CEO of Kibo Energy, says: "After careful consideration of all funding options available to the Company it was decided that the best funding option under current circumstances, would be to realize cash for our on-going business requirements from the recent partial share settlement of our outstanding loan with MED, whilst still maintaining a major equity interest in the company. Retaining a significant investment in MED remains a strategic component of our business strategy which we see as a source of significant on-going value creation for Kibo and boosted by MED's recent announcement of the signing of a joint venture agreement with Proventure Holdings (UK) Ltd for the funding and development of its reserve power projects. "

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

For further information please visit www.kibo.energy or contact:

Louis Coetzee	info@kibo.energy	Kibo Energy PLC	Chief Executive Officer
Andreas Lianos	+357 99 53 1107	River Group	JSE Corporate and Designated Adviser
Claire Noyce	+44 (0) 20 3764 2341	Hybridan LLP	Joint Broker
Damon Heath	+44 207 186 9952	Shard Capital Partners LLP	Joint Broker
James Biddle Roland Cornish	+44 207 628 3396	Beaumont Cornish Limited	Nominated Adviser
Zainab Slemang van Rijmenant	zainab@lifacommunications.co.za	Lifa Communications	Investor and Media Relations Consultant

Johannesburg

26 October 2023

Corporate and Designated Adviser

River Group

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFIAIALEFIV