30 Mar 2020 10:00
Kibo Energy 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")
Dated: 30 March 2020
Kibo Energy PLC ('Kibo' or the 'Company')
Issue of Shares in lieu of payment to Service Providers & Contractors
Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company announces the issue of 6,996,110 Ordinary Shares of €0.001 in the capital of the Company in payment of various service invoices to certain providers of professional and technical consulting services ("Contractor Shares"), as well as a further and final payment of 8,000,000 shares to be made to Bordersley's original MED vendors (see RNS dated 26 June 2019) (collectively hereinafter the "Shares"). Details of the Shares are outlined below.
Table 1: Issue of the Shares
Description | Deemed Payment Value (GBP) | Issue Price per Share (GBP) | No. of new Kibo Shares issued |
Service Provider and Contractor fees | 31,482.49 | 0.0045 | 6,996,110 |
St' Anderton on Vaal Limited * | 420,000.00 | 0.0525 | 8,000,000 |
Total | 14,996,110 |
* In light of the progress and pursuant to the agreement for Kibo to consolidate full ownership of Bordersley by acquiring all of the original MED vendors, St' Anderton on Vaal Limited ('St' Anderton'), direct and indirect interests in Bordersley (see RNS dated 26 June 2019), the Company will now make a further and final payment of 8,000,000 shares in Kibo to St' Anderton, at a deemed issue price of 5.25 pence per share.
Total Voting Rights
Application will be made for the Shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the Shares is expected to commence on AIM and the JSE on or around 03 April 2020 ('Admission'). Following Admission, the Company will have 1,272,272,188 shares in issue. The foregoing figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
**ENDS**
For further information please visit www.kibo.energy or contact:
Louis Coetzee | info@kibo.energy | Kibo Energy PLC | Chief Executive Officer |
Andreas Lianos | +27 (0) 83 4408365 | River Group | Corporate and Designated Adviser on JSE |
Philip Adler | +44 (0) 20 7392 1494 | ETX Capital Limited | Joint Broker |
Bhavesh Patel / Stephen Allen | +44 20 3440 6800 | RFC Ambrian Limited | NOMAD on AIM |
Isabel de Salis / Beth Melluish | +44 (0) 20 7236 1177 | St Brides Partners Ltd | Investor and Media Relations Adviser |
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.
Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.
Johannesburg
30 March 2020
Corporate and Designated Adviser
River Group
Kibo Energy (KIBO)