JOHANNESBURG (miningweekly.com) – Tanzania-focused mineral explorer Kibo Mining has received commitments to a share placing of 19-million new ordinary shares at a placing price of 5p apiece to raise gross proceeds of £950 000.
“We are very pleased to undertake this placing, primarily because of the strategic advantage of bolstering our cash position at this key time in the company's development.
“This funding provides the company with a robust working capital position as we finalise various commercial discussions and seek to maximise the value for shareholders from our three key assets at the Rukwa coal-to-power, Imweru/Lake Victoria goldfields and Haneti nickel projects,” CEO Louis Coetzee said on Monday.