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Mast Energy Developments PLC - London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK - Signs a funding agreement, with an initial funding facility up to GBP4.0 million, with RiverFort Global Opportunities PCC Ltd. RiverFort owns around 12% stake in in Kibo and Mast. Says initial funding will be used to lift its Pyebridge 9-megawatt flexible power generation asset out of care and maintenance. Says further funding of up to GBP4 million will be used to fund Pyebridge's overhaul work programme in order to achieve full generation.
Mast also says its applied for and was successful in pre-qualification to bid for new capacity market contracts for its Pyebridge site, in addition to the site's existing contracts. Says it has terminated joint venture agreement with Proventure Holdings (UK) Ltd after it failed to initial interim payment. Back in October, Mast signed a binding JV agreement with Proventure. It had previously finalised a JV deal with a consortium led by Seira Capital Ltd, but the long-stop date was revised after Seira's principal was involved in a serious road accident.
Current Mast stock price in London: 0.58 pence, up 65% on Wednesday
12-month change: down 66%
Current Kibo stock price in London: 0.040p, up 14%
12-month change: down 64%
Current Kibo stock price in Johannesburg: 0.01 rand cent
12-month change: down 67%
By Artwell Dlamini, Alliance News reporter
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