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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData
Provider: GlobalData

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Kibo Mining PLC Raises GBP725,000 For Working Capital

Wednesday, 9 Jan 2013 02:08am EST 

Kibo Mining PLC announced that it has completed a placing of 120,833,333 ordinary shares in the capital of the Company (the Shares) with clients of Kibo's UK Broker, Northland Capital Partners Ltd. at a placing price of 0.6 pence to raise gross proceeds of GBP725,000 (the placing). The funds raised will be applied towards the Company's exploration programs in Tanzania, to investigate further joint venture opportunities and for general working capital purposes. As the placing price of the Shares is below the current par value of the Company's Ordinary Shares of EUR0.01, the Company has entered into an arrangement with its major shareholder, Mzuri Capital Group Ltd (MCG), whereby shares held by MCG will be used for the purposes of settling the Placing. Under the arrangement, MCG's shareholding will then be restored through a loan structure soon after the settlement of the Placing by the issue of new Ordinary Shares to MCG to replace the shares used for settling the Placing. The final number of shares held by MCG will be the same as it held before the Placing with no benefit received by MCG. The Company intends to seek shareholder approval in the near future to reduce the par value of its Ordinary Shares and will advise of further details of this once they have been finalized. 

Company Quote

0.05 +4.26%
24 Oct 2014