21st Apr 2015 12:05
LONDON (Alliance News) - Kibo Mining PLC Tuesday said it has raised GBP1.5 million via a discounted share placing in order to strengthen its cash position.
Kibo said it has issued 25 million shares at 6 pence per share to raise GBP1.5 million. The shares were placed with clients of Beaufort Securities Ltd, Kibo's UK broker.
Shares in Kibo were down 12% to 6.25 pence on Tuesday, one of the worst performers in the AIM All-Share. index
"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," said Chief Executive Louis Coetzee.
"This funding provides the company with a robust working capital position and will allow us to accelerate work on the company's exciting Imweru Gold project where a pre-feasibility study is underway as well as our Haneti nickel project, where we are keen to follow up on the exciting geochemical results we received during February this year," Coetzee added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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