31st Mar 2014 08:20
LONDON (Alliance News) - Kibo Mining PLC Monday said it had raised GBP750,000 in a share placing, money it will use to help it advance its Imweru gold project.
In a statement, the Tanzania-focussed mineral exploration and development company said it had placed 30 million shares at 2.5 pence each.
"The funds raised will primarily be used to initiate a Phase 2 drilling programme at its Imweru gold exploration property in Tanzania, as well as for general working capital purposes," the company said in a statement.
"We will now be able to continue advancing our Imweru Gold Project with a view to early commissioning of preliminary economic studies and assessment of the project," Chief Executive Louis Coetzee said.
Kibo Mining shares were down 15.6% at 2.638 pence early Monday, one of the biggest decline son AIM as the placing set a new benchmark.
By Steve McGrath; [email protected]; @SteveMcGrath1
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