JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed energy and resources company Kibo Mining on Tuesday issued 8.3-million new shares, valued at €0.015 a share, to Sanderson Capital Partners as a partial settlement on the $568 712 drawn down under a December 2016 forward payment facility.
Application will be made for the conversion shares to be admitted to trading on the Aim and the AltX around May 8.
Following admission, Kibo will have about 603-million shares in issue, of which Sanderson will hold about 31.8-million shares, representing an interest of 5.28% in the company.
Meanwhile, Kibo nonexecutive director Mashale Phumaphi stepped down from the Kibo board owing to an expanding workload as CEO of Shumba Energy. Shumba said that it will promptly nominate a substitute board representative.
Phumaphi was appointed to the board under the terms of Kibo’s acquisition of an 85% interest in Shumba’s Mabesekwa coal independent power project.