The mining junior also updated investors on its proposed equity funding, which is proceeding with SVS as the exclusive placee - it is expected that the share placing will complete on March 6.
"We are pleased to appoint SVS as the Company's new broker and to have reached agreement with them to complete the placement announced on 27 February 2018 at such short notice,” said Louis Coetzee, Kibo chief executive.
“This will ensure that the company will receive the placement proceeds without any delay."
On February 27, Kibo announced it would raise £750,000 with the issue of new shares priced at 4.25p.
In today’s statement, the company said in the new arrangement with SVS, it would expect aggregate placing expenses to be around £37,500.