Kibo Mining PLC (LON:KIBO) is to raise £500,000 by placing shares with an investment fund in Ireland at 5.25p a share.
The funds from the placing will boost general working capital but more specifically will speed-up the ongoing advanced feasibility studies at the Mabesekwa independent coal-to-power project (MCIPP) in Botswana and at the Benga independent power project (BIPP) in Mozambique following faster-than-expected progress on both projects over the past two months.
READ: Kibo issues £1.1mln worth of shares to Sanderson Capital at a premium
“We are very pleased to see institutional investor interest in Kibo increasing steadily since Kibo announced its energy strategy and after completing the recent MCIPP and BIPP acquisitions. The latest placing at the significant premium of 25% sends a very strong message on what investors believe the value proposition is that Kibo has to offer," said Louis Coetzee, the chief executive officer of Kibo.
Shares in Kibo currently trade at 4.3p, up 0.15p on the day.
Details of Equity Placing https://t.co/Qbc3PWJTpw
— Kibo Mining (@KiboMining) July 30, 2018