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Kibo Mining raises £1.5m

21st April 2015

  

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JOHANNESBURG (miningweekly.com) – Dual-listed Kibo Mining has raised £1.5-million through the placing of 25-million new ordinary shares at 6p apiece.

"We are very pleased to undertake this placing primarily because of the strategic advantage of bolstering our cash position at this key time in the company's development.

“This funding provides the company with a robust working capital position and will allow us to accelerate work on the company's exciting Imweru gold project, where a prefeasibility study is under way, as well as our  Haneti nickel project, where we are keen to follow up on the
exciting geochemical results we received during February this year,” commented CEO Louis Coetzee.

He added that the company was determined to sustain parallel momentum on all of its projects, while it continued to advance its Rukwa coal-to-power project (RCPP), in Tanzania, up the value curve.

Kibo announced on Monday that it had entered into a deal with China-headquartered engineering, procurement and construction group Sepco III, which would earn a 15% stake in the RCPP in exchange for the provision of $3-million in funding to be used on the completion of a definitive feasibility study and other activities.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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