Africa-focused energy company Kibo Energy has successfully raised £1.5-million through the issue of new ordinary shares, with the proceeds to be used primarily to further develop the company’s diverse energy portfolio and working capital requirements.
Moreover, the company also received interest from and settled payment with service providers, suppliers and creditors for an amount of £490 000.
“We are pleased to have raised capital during a particularly turbulent time in the global market through new and existing investors including the directors, as well as the support of certain suppliers and creditors,” Kibo CEO Louis Coetzee commented in a statement issued on Monday.