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Kibo placing to be concluded by year-end

26th August 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Kibo Mining expected its £950 000 share placing through its former UK broker Hume Capital Securities to conclude between October and December, when £526 000, representing the consideration for 10.5-million shares, which were to be issued to third-party investors, would be released to the mining company.

The final proceeds from the February placing had been delayed owing to Hume Capital having appointed administrators. 

Following a court order at a hearing on August 10, the client money distribution procedure was approved, with the joint special administrators having issued a notice to clients on the procedures pertaining to the distribution of the client money pool. 

"We are pleased that all uncertainty related to the placing has now been removed. [The funds] will have a significantly positive impact on the company's cash position,” Kibo CEO Louis Coetzee said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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