JOHANNESBURG (miningweekly.com) – Hume Capital Securities has informed Tanzania-focused mineral explorer Kibo Mining that the payment of the final proceeds from Kibo’s February placing will be further delayed by up to two months from November 27.
This followed a previous notice issued by Hume in August that client monies would be distributed by the earliest on October 2, but no later than within two
months from October 2.
Hume had previously confirmed to Kibo that the £526 000 – representing the consideration for 10.52-million shares – had been paid into Hume Capital's client money account, would be released to Kibo, less a small proportion representing costs of the administration, which would be in the range of between £5 000 and £7 000.
No further delays or postponements were expected with regard to payment, Hume assured Kibo this week.
“A further delay in the receipt of company funds from Hume was always expected as a very real possibility, but will not impact on the company’s cash
or cash flow position.
“As announced in November, the company has already made alternative financial provision to provide short-term cash flow stability in anticipation of this
delay and we are pleased to note that substantially all the funds will be released to Kibo before the end of January 2016,” commented Kibo CEO Louis Coetzee.