JOHANNESBURG (miningweekly.com) – JSE-listed Kibo Mining expected its £950 000 share placing through its former UK broker Hume Capital Securities to conclude between October and December, when £526 000, representing the consideration for 10.5-million shares, which were to be issued to third-party investors, would be released to the mining company.
The final proceeds from the February placing had been delayed owing to Hume Capital having appointed administrators.
Following a court order at a hearing on August 10, the client money distribution procedure was approved, with the joint special administrators having issued a notice to clients on the procedures pertaining to the distribution of the client money pool.
"We are pleased that all uncertainty related to the placing has now been removed. [The funds] will have a significantly positive impact on the company's cash position,” Kibo CEO Louis Coetzee said.