25th Mar 2015 11:38
LONDON (Alliance News) - Kibo Mining PLC on Wednesday said it expects to get the majority of the proceeds of its placing currently held in the accounts of collapsed stockbroker Hume Capital Securities PLC, but said it will declare some of the shares issued forfeit and cancel them on expectations the entire placing will not be released.
Kibo said it expects GBP526,000 of the proceeds from its share placing currently held in Hume's accounts to be released to the company as soon as practicable under Financial Conduct Authority rules.
But it said the final balance, of GBP204,000, is unlikely to be released by Hume. As a result, Kibo said the shares relating to this final tranche, totalling 4.1 million shares, will be declared forfeit by Kibo and cancelled.
"The latest developments in relation to the company's February placing with Hume, does not affect the company's on-going business activities. Sufficient pre-cautionary measures are in place and have subsequently been introduced, to ensure that the company can carry on with its business as usual, without any undue disruption," said Louis Coetzee, Kibo's Chief Executive.
Shares in Kibo were down 5.6% to 4.25 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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