KIBO ENERGY PLC - Mast Energy Developments Plc: IPO Update: MED Closes Book - Raising in Excess Of 5m

Mast Energy Developments Plc: IPO Update: MED Closes Book - Raising in Excess Of £5m

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(“Kibo” or “the Company”)

Dated: 05 February 2021

Mast Energy Developments Plc: IPO Update: MED Closes Book - Raising in Excess of £5m

Kibo Energy PLC ('Kibo' or the 'Company'), is delighted to announce, further to the RNS dated
28th January 2021, Mast Energy Developments Plc (MED) has raised in excess of £5m through
Clear Capital Markets Ltd for its upcoming IPO on the Official List of the London Stock
Exchange plc ("London Stock Exchange" or "LSE") by way of a Standard Listing, which on
listing will have a market capitalisation of c. £23 million. MED will now proceed with final
submissions to the FCA and will revert in due course with the publication of the final prospectus
which will include listing date details.

Initial demand has exceeded expectations and the fundraise has now closed. This confirms
Kibo’s belief that the UK clean energy sector is an exciting investment case going forward. We
look forward to further updates from MED regarding existing projects being brought into
production in the very near term, as well as any acquisitions of further projects, on their way to
becoming a significant contributor to the growing reserve power market.

Louis Coetzee, CEO of KIBO said: “We are delighted with the very positive response to the
MED fund raise and with the professional and competent team we have assembled to deliver
growth for shareholders. We are proud of a team that represents drive, experience and
expertise and really looking forward to updating the market on MED’s aggressive plans for
expansion in the short term”.


Planned Admission
MED, currently a 100% subsidiary company of Kibo Energy Plc and the 100% holding
company of Sloane Developments Ltd (“Sloane”), is seeking Admission to the Official List of
the London Stock Exchange. Admission will be accompanied by an Initial Public Offering
(IPO). Proceeds from the IPO will be utilised to acquire and develop a portfolio of flexible
power plants in the UK and become a multi-asset operator in the rapidly growing Reserve
Power market. Kibo intends to maintain a strategic interest in MED post the initial fundraise
and Admission of at least 55%, ensuring continued upside from future developments.

                                           **ENDS**

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

Bhavesh Patel /   +44 20 3440 6800        RFC Ambrian Limited      NOMAD on AIM
Stephen Allen

Isabel de Salis / +44 (0) 20 7236 1177    St Brides Partners Ltd   Investor and Media Relations Adviser
Beth Melluish


Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the
acute power deficit, which is one of the primary impediments to economic development in Sub-
Saharan Africa. To this end, it is the Company’s objective to become a leading independent
power producer in the region.


Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to
Power Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project
(‘MCIPP’) in Botswana; and the Benga Independent Power Project (‘BIPP’) in Mozambique.
By developing these projects in parallel, the Company intends to leverage considerable
economies of scale and timing in respect of strategic partnerships, procurement, equipment,
human capital, execution capability / capacity and project finance.

Johannesburg
05 February 2021
Corporate and Designated Adviser
River Group

Date: 05-02-2021 09:00:00
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