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CONVERTIBLE LOAN NOTES

Dated: 27 September 2017

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company announces it has today (27 September 2017) issued £1,550,000 in convertible loan notes (the “Notes”) in the Company to a new high net worth investor, Directors and management of the Company, and Sanderson Capital Partners Limited (“Sanderson”).

The subscription raises £500,000 new capital, satisfies £260,000 of awards in lieu of the Company’s Management Incentive Scheme, and is in settlement of new terms agreed covering £790,000 of the Discounted Debt Sale Facility (the “Facility”) currently in place between Sanderson and the Company (refer RNS of the 21 December 2016).

Details of the Notes are set out below.

  • Maturity Date falling three months from the date of issue
  • Zero percent rate of interest
  • Conversion price equal to 90% of the average daily volume weighted average price (“VWAP”) at which the Shares shall have traded on AIM during the 20 trading days immediately preceding the date of conversion, rounded up to the next 1/10th of a pence, but no lower than £0.05 per Share (“Conversion Price)
  • Face value repayable in cash at the election of the Company at any time before the Maturity Date; – OR
  • Face value convertible at the election of the Subscriber at any time before the Maturity Date to ordinary shares (“Shares”) at the Conversion Price; – OR
  • On the Maturity Date, the face value of the Convertible Notes that remain outstanding will be automatically converted to Shares at the Conversion Price.
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CONVERTIBLE LOAN NOTES

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AIM Share Price
(Ticker: KIBO)
5.10p Change -0.15p
at close on 21 Oct 2017

JSE Share Price
(Ticker: KBO)
110.00c Change 0.00c
at close on 21 Oct 2017

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