Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Kibo Mining raises £1.5mln via Sanderson Capital Partners loan

CEO Louis Coetzee says Kibo's Mbeya coal-to-power project is progressing at an expeditious pace.
Kibo Mining raises £1.5mln via Sanderson Capital Partners loan
The funding deal provides interest free cash for a fixed term, until August 31.

Kibo Mining (LON:KIBO) has raised £1.5mln through a loan arrangement with Sanderson Capital Partners.

The funding deal provides interest free cash for a fixed term, until August 31, and it supports the group’s efforts to complete a definitive feasibility study for the proposed Mbeya coal-to-power project (MCPP) in Tanzania.

Louis Coetzee, Kibo chief executive, highlighted that the Sanderson deal gives Kibo adequate funding to focus on the project, but, also lets it retain flexibility to investigate additional or alternative sources of funding.

“With this funding in place, we can focus our attention on an exciting six months ahead to prove and deliver the MCPP as a project with solid, robust bankable credentials," Coetzee said.

He added: "The MCPP is progressing at an expeditious pace.

“We are now only a few months away from expected completion of the definitive feasibility studies for both the mining and power elements of the MCPP and at an advanced stage with the MCPP commercial arrangements and agreements.”

Although the Sanderson facility doesn’t carry interest, it is subject to certain fees. Kibo will initially pay an arrangement fee and it will pay £51,000 for each of the five envisaged £300,000 draw-downs.

The draw-down fees will be paid in shares, with 1.18mln new shares issued at a time.

Additionally, Kibo has to pay £75,000, as a 5% corporate advisory fee, to its broker Beaufort Securities. This will also be paid in cash.

Jamie_55a91591db06b.jpg
Why Invest In Kibo Mining PLC? Read More Here

Register here to be notified of future KIBO Company articles
View full KIBO profile View Profile

Kibo Mining PLC Timeline

Newswire
February 15 2017

Related Articles

Robert Thomson, managing director, Stonewall Resources
May 19 2017
Robert Thomson talked pathway to gold production with investors.
Intermin Resources: Access latest PPT from Proactive's CEO Sessions
April 13 2017
Jon Price talked funding drilling program in world-class region with investors.
Glen3.jpg
November 25 2016
"Back in January nobody wanted to know anything about resources, let alone gold, and we saw an opportunity..."

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use