2nd Mar 2015 08:50
LONDON (Alliance News) - Tanzania-focused miner Kibo Mining PLC shares were trading lower on Monday morning after the company said it has raised GBP950,000 in a discounted share placing.
The company said it has issued 19 million shares at 5 pence per share. Shares in Kibo were down 13% to 5.025 pence on Monday, one of the worst performers in the AIM All-Share.
"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. This funding provides the Company with a robust working capital position as we finalise various commercial discussions and seek to maximise the value for shareholders from our three key assets at Rukwa Coal to Power, Imweru/Lake Victoria Goldfields and Haneti Nickel," said Kibo Chief Executive Louis Coetzee.
By Sam Unsted; [email protected]; @SamUAtAlliance
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