KIBO ENERGY PLC - Partial Settlement of Outstanding Shareholder Loan

Partial Settlement of Outstanding Shareholder Loan

Kibo Energy PLC (Incorporated in?Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(‘Kibo’ or ‘the Company’)

Dated: 5 October 2023

                               Kibo Energy PLC ('Kibo' or the 'Company')

    Partial Settlement of Outstanding Shareholder Loan Owing by Mast Energy Developments PLC
                                              ('MED')

Kibo Energy PLC (AIM: KIBO; AltX: KBO) ('Kibo' or the 'Company'), the renewable energy focused
development company, has today received 31,646,424 new MED Shares of £0.001 each ("the Settlement
Shares") at a deemed issue price of £0.01482 per share ("Settlement Share Price") from its subsidiary, Mast
Energy Developments PLC ("MED"), having mutually agreed the partial settlement of £469,000 (the "Partial
Settlement") of the total outstanding amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus)
Limited ('Kibo Cyprus').

Following the Partial Settlement, the remaining outstanding shareholder loan amount owed by MED is
£762,535. The Settlement Share Price is the 20-day VWAP for the period up to the closing price of the MED
shares on the London Stock Exchange on 2 October 2023.

Following the Partial Settlement, Kibo will hold 147,811,746 Ordinary Shares representing a 56.02% interest
in MED.

Kibo is working with its advisors and funders to assist MED in ensuring that MED is sufficiently funded for
their immediate capital requirements which includes the possibility to potentially advance further funds in the
near-term to provide interim funding pending completion of the previously announced MED joint venture.
The Kibo board remain confident, alongside the MED board, that the joint venture (as last updated on RNS
22 September 2023) can be concluded as proposed despite the unforeseen delays arising from the exceptional
events confirmed in earlier announcements.

Louis Coetzee, CEO of Kibo Energy, says: "We are pleased to announce the Partial Settlement of the MED
Loan, which has been agreed on favourable terms to both Kibo and MED whilst minimizing shareholder
dilution in MED. The favourable settlement terms with the extended pricing period not only highlights Kibo's
ongoing support of MED but also illustrates its firm belief in MED's future success and anticipated conclusion
of its previously announced joint venture. We are committed to continuing to support MED and Kibo’s other
investments."
                                                  **ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no.
596/2014 ("MAR").

For further information please visit www.kibo.energy or contact:

    Louis Coetzee    info@kibo.energy                  Kibo Energy PLC            Chief Executive Officer

    Andreas Lianos   +357 99 53 1107                   River Group                JSE Corporate and Designated Adviser

    Claire Noyce     +44 (0) 20 3764 2341              Hybridan LLP               Joint Broker

    Damon Heath      +44 207 186 9952                  Shard Capital Partners LLP Joint Broker

    James Biddle     +44 207 628 3396                  Beaumont Cornish Limited Nominated Adviser
    Roland Cornish
    
    Zainab Slemang   zainab@lifacommunications.co.za   Lifa Communications       Investor and Media Relations
    van Rijmenant                                                                Consultant

Notes
Kibo Energy PLC is a renewable energy focused development company with its primary focus to advance its
business as a significant diversified energy developer of sustainable power solutions that integrate existing
and emerging Renewable Generation technology, Waste-to-Energy technology and Energy Storage
technology in southern and eastern Africa, and the United Kingdom.

Additionally, the Company has a majority interest in MAST Energy Developments Limited ('MED'), a private
UK registered company targeting the development and operation of flexible power plants to service the UK
Reserve Power generation market.

Johannesburg
5 October 2023
Corporate and Designated Adviser River Group




	

Date: 05-10-2023 08:00:00
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