17th Mar 2015 09:22
LONDON (Alliance News) - Kibo Mining PLC on Tuesday said it is yet to receive the majority of the proceeds from its recent share placing after its broker, Hume Capital Securities PLC, was placed into administration.
Kibo raised GBP950,000 in a share placing earlier this month, but so far has only received GBP219,500 of the gross proceeds from the placing. The remaining GBP730,500 payable to Kibo remains in Hume's client money account.
As Hume has been placed into administration and the administrators are not able to release the client money the company holds with first obtaining the approval of the UK Financial Conduct Authority.
Hume has not been able to provide Kibo with a timeline for the release of the proceeds from the placing, Kibo said.
Kibo said its currently cash balance is sufficient to fund ongoing activities in the short to medium term and said it will provide a further update on the timing of the release of the proceeds once Hume makes more information available.
Kibo shares were down 4.4% to 4.90 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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