2nd May 2018 07:29
LONDON (Alliance News) - Kibo Mining PLC said Wednesday it issued 8.4 million new shares to a creditor, while also saying a non-executive director has departed.
Kibo issued the shares at 5.00 pence per share to Sanderson Capital Partners Ltd as a partial settlement of the funds drawn down under the facility agreed in December 2016. The issued shares were with regards to a repayment of USD568,712 from the facility.
The mining firm also said Non-Executive Director Mashale Phumaphi has left to concentrate on his role as chief executive officer of Shumba Energy Ltd. Phumaphi was only appointed at the start of April after being nominated by Shumba itself.
Shumba took a 28% stake in Kibo in early April after it sold an 85% interest in its Mabesekwa Coal Independent Power Project to the London and Johannesburg-listed firm. Shumba retains the remaining 15% stake in MCIPP.
Shumba has informed Kibo it intends to appoint a replacement non-executive to the board "promptly."
Related Shares:
Kibo Energy