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Kibo Mining raises £950,000 to bolster cash position

Last updated: 07:37 02 Mar 2015 GMT, First published: 08:37 02 Mar 2015 GMT

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Tanzania-focused Kibo Mining (LON:KIBO) has bolstered its cash position, raising £950,000 in a share placing.

It has received commitments for 19million of its shares from clients of its UK broker Hume Capital, it said.

They will be issued at 5p a pop - that's around a 13% discount to Friday's closing price of 5.75p.

Chief executive Louis Coetzee told investors: "We are very pleased to undertake this placing primarily because of the strategic advantage of bolstering our cash position at this key time in the company's development.

"This funding provides the company with a robust working capital position as we finalise various commercial discussions and seek to maximise the value for shareholders from our three key assets at Rukwa Coal to Power, Imweru/Lake Victoria Goldfields and Haneti Nickel."

He added the board shared investors' interest in controlling the dilution of the firm's shares, and the fund-raise was carried out "because we believe the additional financial strength achieved will provide a platform for further significant business development and growth in the value of the company's assets and interests".

"We continue to work proactively to progress various elements of the company's business and look forward to reporting further significant progress to shareholders in the near future."

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