JOHANNESBURG (miningweekly.com) – Aim-listed energy and resource company Kibo Mining said on Tuesday that it would raise capital to expedite its feasibility study for its coal-to-power project in Botswana and also announced changes to its board and management.
Kibo said that it had received commitments to raise £1.5-million by placing 28 571 428 shares at 5.25p each.
The proceeds of the placing would be used for the ongoing feasibility study of the Mabesekwa coal-to-power project, as well as general working capital and bolstering Kibo’s financial position ahead of starting further work at the Mbeya coal-to-power project, in Tanzania.
In terms of the board changes, Kibo said that nonexecutive director Tinus Maree, who is a corporate lawyer, would be joining the executive committee of the company, while Noel O'Keefe and Andreas Lianos would transition to nonexecutive roles.
Kibo said that O'Keefe would continue to provide the company with technical advice and oversight, while Lianos would offer financial oversight as nonexecutive FD.
The company further announced Pieter Krügel as CFO.