https://www.miningweekly.com

Kibo Mining signs £500 000 loan agreement

4th November 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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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.
 

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Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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