Kibo Mining PLC Announces Acquisition Of Controlling Interests In Strategic Energy Assets In Tanzania

Kibo Mining PLC announced it has acquired controlling interests in two portfolios of strategic energy assets in Tanzania. These consist of a coal asset in the form of Rukwa Coal Project near Mbeya and a portfolio of additional licences prospective for both uranium and coal. It has entered into definitive agreements with Mzuri Energy Holdings Limited for acquisition of a minimum of 51% of all the issued share capital of Mzuri Energy Limited (MEL) and with Mayborn Resources Investments (Pty) Ltd for acquisition of a minimum of 51% of all issued share capital of Mayborn. Kibo will acquire no less than 51% of MEL, through its wholly owned subsidiary Morogoro Gold Limited (Morogoro) by means of issue of new shares in Kibo at an issue price of GBP0.03 per new Kibo share. Kibo will acquire a minimum of 51% and up to entire issued share capital of MEL for a purchase price per MEL Share calculated as GBP20,408,932 divided into the total number of MEL Shares issued and outstanding as at the Closing Date in consideration for issue and allotment of ordinary shares of EUR0.01 each in the capital of Kibo at an issue price of GBP0.03;and a minimum of 51% and up to entire issued share capital of Mayborn for a purchase price per Mayborn Share calculated as GBP800,000 divided into the total number of Mayborn Shares issued and outstanding as at Closing Date in consideration for issue and allotment of ordinary shares of EUR0.01 each in the capital of Kibo at an issue price of GBP0.03.