17th Sep 2020 21:21
Kibo Energy PLC - the multi-asset, Africa focused, energy company - settles all amounts due under convertible loan note announced June 25 and reaches agreement to terminate noted with immediate effect. Undertakes successful placing to raise GBP1.5 million before costs through ETX Capital broker, at placing price 0.2p per share with 1 warrant for every two pacing shares exercisable at 0.4p each. Proceeds will be used to bring Kibo to a point where it expects ton finalise two power purchase agreements in Mozambique before the end of 2020 and complete a successful initial public offering of its UK emergency power portfolio.
Chief Executive Louis Coetzee: "We believe this latest investment is a strong endorsement of the company's value proposition and strategy. The company finds itself in a very exciting period, specifically in as far as the development of its projects in Mozambique and the UK are concerned, where we expect to reach very significant milestones soon. These are all events that hold the potential to materially transform Kibo, with the prospect of first revenue generation in the near term, as one of the most exciting of these prospects."
Current stock price: 0.25 pence in London; ZAR0.07 in Johannesburg
Year-to-date change: down 93% in London; down 94% in Johannesburg
By Anna Farley; [email protected]
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