Kibo Energy PLC (LSE:KIBO, JSE:KBO) has received £150,000 from its recent share placement and issued shares with investor Peter Williams.
This funding will enable the audit of the 2023 accounts and is part of a £340,000 cash call.
Additionally, Jacobus van der Merwe has been appointed as executive director and interim CEO, while Louis Coetzee has retired from his roles as director and CEO.
Clive Roberts will join the board once regulatory approval is complete. The company thanked Coetzee for his 14 years of service and noted he will continue to support Kibo as a consultant during the transition.