8th Oct 2014 08:33
LONDON (Alliance News) - Kibo Mining PLC Wednesday said it is raising GBP855,725 before expenses in a share placing, having received commitments for 57 million new shares at 1.5 pence each.
Kibo shares were Wednesday quoted down 17% at 1.58p.
In a statement, Kibo said its directors and senior management are participating in the placing for GBP55,725. They will be participating on the same terms as other investors, Kibo added.
"We are pleased with the results from the latest placing, given the extremely difficult funding environment in which exploration companies continue to find themselves in. The director's participation in the placing once again demonstrates their firm and sustained confidence in the company and its future," Chief Executive Louis Coetzee said in a statement.
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania.
Hume Capital Securities PLC and River Capital Partners are handling the placing.
By Samuel Agini; [email protected]; @samuelagini
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