Kibo to issue shares to Sanderson to settle debt
Aim- and AltX-listed Kibo Mining has settled the outstanding balance of £1.11-million on the forward payment facility that was agreed on in December 2016 with Sanderson Capital Partners.
Sanderson will be issued about 21-million new ordinary Kibo shares, representing an 8.45% stake in Kibo.
The settlement with Sanderson will allow Kibo to receive the full payment of $3.7-million due from its engineering, procurement and construction contractor Sepco III.
“With the settlement of the Sanderson facility, the $3.7-million due from Sepco III and two possible further investments by it, we now have the realistic expectation of a strong short- to medium-term cash position.
“Additionally, we now have no outstanding liabilities, which puts us in a much stronger position in terms of negotiations related to debt and equity funding for the three projects we are currently advancing,” Kibo CEO Louis Coetzee said on Monday.
The three projects are the Mbeya coal-to-power project, in Tanzania; the Mabesekwa coal independent power producer project, in Botswana; and the Benga independent power project, in Mozambique.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation