Aim-listed Kibo Mining has received commitments from an Ireland-based Investment Fund to raise £500 000 through a placing of just over 9.5-million ordinary shares in Kibo of par value at €0.015 at a placing price of 5.25p a share.
The funds from the placing will go towards general working capital, but will also expedite ongoing advanced feasibility studies at the Mabesekwa Independent Coal to Power Project (MCIPP), in Botswana, and at the Benga Independent Power Project (BIPP), in Mozambique, following faster-than-expected progress on both projects over the past two months, the company said on Monday.
“We are very pleased to see institutional investor interest in Kibo increasing steadily since Kibo announced its energy strategy and after completing the recent MCIPP and BIPP acquisitions.
“The latest placing at the significant premium of 25% sends a very strong message on what investors believe the value proposition is that Kibo has to offer,” CEO Louis Coetzee commented.
Further, following the company’s annual general meeting held on Monday, Kibo announced that shareholders have approved a change of name to Kibo Energy, which the company believes completes its transformation from a resources company to a fully-fledged energy company, positioning itself as a strategic and leading energy provider in sub-Saharan Africa.