JOHANNESBURG (miningweekly.com) – Dual-listed Kibo Mining has entered into a three-month £500 000 loan facility with Sanderson Capital Partners.
The facility comprised an unsecured, interest-free, fixed-term loan. A fee of £150 000 associated with the arrangement and implementation of the facility would become payable if the facility was used.
The arrangement fee would be paid one-third in cash at repayment of the loan and two-thirds in shares at a fixed price of 6p per Kibo share on, or before, the drawdown date of any particular drawdown.
“This will support Kibo while we await a definitive date for receiving the £526 000 still held by the administrator of Kibo's former broker Hume Capital,” Kibo CEO Louis Coetzee said.