Kibo Energy raises GBP 350,000 through share placement

Kibo Energy PLC – Galway, Ireland-based company with energy projects in Africa and the UK – conditionally raises GBP 350,000 through a placement of 4.17 billion new shares at 0.0084 pence each. The entire investment was made through investor Peter Sion Williams. The placed shares will be settled in two tranches, with 1.78 billion shares being settled immediately. Kibo specifies that 2.38 billion shares will be settled by shareholders at a general meeting to be held as soon as possible after the settlement of the first tranche.

Kibo also says that all creditor conversions are settled in full. These conversions will be made at an issue price of 0.0084 pence. Williams will have the right to appoint a new director to the board after the settlement of the first tranche and to appoint a new director to the board after the second tranche. Both appointments will be subject to regulatory approval.

Current share price in Johannesburg: 0.01 rand cent

Change over 12 months: decrease of 50

Current share price in London: 0.012p, up 17%.

12-month change: down 81

By Artwell Dlamini, Alliance News journalist

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