Board of directors change at Kibo

Board of directors change at Kibo

Kibo Mining the multi-asset Africa-focused energy and resource company, yesterday issued 8 370 716 new ordinary Kibo shares of par value €0.015 each to Sanderson Capital Partners as a partial settlement on the balance of funds drawn down under the forward payment facility between Kibo and Sanderson announced on 21 December 2016.

The conversion shares, which were issued at a price of 5p per Kibo share, are in respect of a repayment amount of USD568 712. Application will be made for the conversion shares to be admitted to trading on AIM and the JSE AltX markets. Trading in the conversion shares was expected to commence on AIM and the JSE on or around 8 May 2018.

Following admission, the company will have 603 553 598 shares in issue and this figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the company under the FCA's Disclosure Guidance and Transparency Rules. Sanderson’s shareholding in the company will increase to 31 870 160 ordinary Kibo shares representing an interest of 5.28% in the company.

Kibo also announced that Mashale Phumaphi, who was appointed as non-executive director of the company on 3 April 2018 under the terms of Kibo’s acquisition of an 85% interest in the Mabesekwa Coal Independent Power Project, has decided to step down from the Kibo board due to an expanding workload as CEO of Shumba Energy. Shumba has informed the company that it will promptly nominate a substitute board representative.


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