Update on Acquisition by Opera of the Imweru and Lubando Gold Projects
02 December 2016
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company announced on 23 September 2016 that a Heads of Terms had been agreed by Opera and the Company, for Opera to acquire the Imweru and Lubando gold projects from Kibo Mining Plc (“the Proposed Acquisition”).
Kibo and Opera are pleased to announce that the Proposed Acquisition is progressing well and is at an advanced stage. Both Kibo and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date.
It is likely that the fundraising required to complete the Proposed Acquisition will take place early in the New Year and every effort is being made to complete the transaction as soon as possible. Shareholders should note that there remain a number of matters that the Proposed Acquisition is conditional upon which are expected to be successfully completed in due course.
Further announcements in relation to the Proposed Acquisition will be made as soon as appropriate.
Louis Coetzee, CEO of Kibo Mining, said: “We are very pleased with the significant progress that has been made towards finalizing the Imweru/Lubando transaction, alongside the considerable progress made on advancing the Mbeya Coal to Power Project.”
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