29th Jul 2022 15:00
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Receives 28.7 million new shares in Mast Energy Developments PLC at a price of 3.48 pence each, to partially settle GBP1 million of the outstanding shareholder loan owed to Kibo's subsidiary Kibo Mining Cyprus Ltd.
Mast Energy now owes Kibo Energy GBP1.3 million in the shareholder loan. In addition, Kibo now holds a 61% interest in Mast Energy.
"We are pleased to announce the partial settlement of the MED Loan, which has been agreed on very favourable terms to both Kibo and MED. The favourable settlement terms not only highlights Kibo's ongoing support of MED but also illustrates its firm belief in MED's future success," said Chief Executive Officer Louis Coetzee.
Kibo's current London stock price: 0.11 pence, down 4.4% on Friday
12-month change: down 52%
Kibo's current Johannesburg stock price: ZAR0.05
12-month change: down 44%
Mast Energy's current stock price: 2.96 pence, up 3.9% on Friday
12-month change: down 73%
By Dayo Laniyan; [email protected]
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Related Shares:
Kibo EnergyMast Energy.