Last checked at 26 Aug 2015 08:00
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")
26 August 2015
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 the following update to the announcement it made on 18 June 2015, regarding the delayed receipt of final proceeds from its February placing, due to the fact that the Company's previous brokers Hume Capital Securities plc ("Hume Capital") had appointed administrators.
The Company is pleased to announce that following a Court order at a hearing on the 10th August 2015 approving the Client Money Distribution Procedure, the Joint Special Administrators issued a notice (the "Notice") to clients (including Kibo) dated 20th August 2015 on the procedures pertaining to the distribution of the Client Money Pool.
Pursuant to the terms of this Notice, the Joint Special Administrators client monies will be distributed by earliest on the 2nd October 2015 (the "Date of Proving"), but no later than within two months from the 2nd October 2015.
As previously announced, Kibo understands that substantially all of the £526,000 (representing the consideration for 10,520,000 shares which were to be issued to third party investors) which had been paid into Hume Capital's client money account, will be released to Kibo, less a small proportion representing costs of the administration.
Further updates will be provided to investors as it becomes available to the Company.
Louis Coetzee, CEO of Kibo Mining, said: "We are pleased that all uncertainty related to the February Hume placing has now been removed. Kibo will receive substantially all of the £526,000 still owed to the Company and this will have a significantly positive impact on the Company's cash position."
Contacts
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 | +44 (0) 203 772 2500 | Bell Pottinger | Investor and Media Relations |
Johannesburg
26 August 2015
Corporate and Designated Adviser River Group