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(Alliance News) - Kibo Energy PLC on Friday said it has successfully raised GBP2.0 million through a share placing.
The Johannesburg and London-listed firm issued 442.2 million shares at a price of 0.45 pence each.
The shares closed broadly flat at ZAR0.13 in Johannesburg on Friday. In London, the stock was 6.1% lower at 0.42p each at the equities close on Friday.
Earlier in October, Kibo said it was to issue new shares with the intention of raising a minimum of GBP1.5 million.
The firm said: "The proceeds from the placing will be utilized primarily to further develop the company's diverse energy portfolio."
By Eric Cunha; ericcunha@alliancenews.com
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