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KIBO MINING PLC - Results of EGM and Capital Reorganisation Details

Release Date: 22/03/2013 14:05
Code(s): KBO     PDF:  
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Results of EGM and Capital Reorganisation Details

Kibo Mining 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: IE00B61XQX41
(“Kibo” or “the Company”)



Results of EGM and Capital Reorganisation Details

Kibo Mining plc (AIM: KIBO), (JSE: KBO) (“Kibo” or the “Company”), the Tanzania focused
mineral exploration and development company, is pleased to announce that all resolutions at its
Extraordinary General Meeting held today were approved by shareholders.

All the resolutions were carried by 99.98% of votes cast by proxy and by those shareholders in
attendance at the meeting. Kibo will now proceed to effect the capital reorganisation to which the
resolutions related. The changes to its capital structure and the dates in relation to capital
reorganisation are confirmed below.

Changes to Number of Shares, Options and Warrants in Issue

The net result of the reorganisation is that holders will receive 1 new share of €0.015 in lieu of every
15 existing shares held. Outstanding shares and warrants will be reorganised on a similar basis.

The total number of existing ordinary shares in Kibo currently in issue, prior to the reorganisation, is
1,291,394,535. Following the reorganisation, the Company will have 86,092,969 ordinary shares of
€0.015 par value in issue.

The total number of options and warrants to acquire new ordinary shares in the Company, together
with their exercise prices, before and after the reorganisation are tabled below.

                         Pre- Share Re-organisation           Post Share Re-organisation
Expiry Date              Number        Exercise Price         Number        Exercise Price
    Warrants
   27 Apr 2015           1,539,259           £0.015            102,616             £0.225
   21 Oct 2015            125,000            £0.020             8,333               £0.30
   11 Feb 2014          28,126,860            €0.01           1,875,117             €0.15

     Options
   27 Apr 2015           2,539,258           £0.015            169,283             £0.225
    31 Mar 16           12,900,000          £0.0388            859,994             £0.582
   7 Sept 2015          4,000.000           £0.0231            266,666             £0.347

 Total Options &        49,230,377                            3,282,009
    Warrants


Corporate Action Timetable

Last day to trade on the JSE for the Share Division and Share Consolidation COB 22 March 2013

Admission of new shares and commencement of dealings:                        09h00, 25 March 2013


Record date for the Share Division and Consolidation on the JSE               2 April 2013


New ordinary shares credited to STRATE accounts:                              3 April 2013


Despatch of definitive share certificates for new shares in certificated form: 5 April 2013


All references to times and dates above are to times and dates in South Africa.

Contacts

Louis Coetzee         +27 (0)83 2606126         Kibo Mining plc       Chief Executive Officer



Andreas Lianos        +27 (0)83 4408365         River Group           Corporate Adviser and Designated
                                                                      Adviser on JSE


Jon Bellis            +44 (0) 207 1017070       XCap Securities plc   Joint Broker

Matthew Johnson       +44 (0) 207 9768800       Northland Capital     Joint Broker
                                                Partners Limited

Stuart Laing          +61 8 94802500            RFC Ambrian           Nominated Adviser on AIM
                                                Limited

Matt Beale            +44 (0)7966 389196        Fortbridge            Public Relations



Updates on the Company’s activities are regularly posted on its website www.kibomining.com


General Background & Strategy

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa
and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011. The Board of
Kibo is composed of professionals whose experience include mineral exploration, mine development,
mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is
supported by competent and motivated Tanzanian staffs that operate from Kibo's operations office in
Dar es Salaam.

The mineral assets of the Company now comprise five projects in Tanzania - Haneti (nickel, PGE and
gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium) which
give Kibo access to 38,000 km2 of early stage exploration licences in Tanzania's premier gold mining
region, the Lake Victoria Goldfield, within the emerging gold exploration regions in eastern Tanzania
and uranium and coal regions in south-western Tanzania.

The Rukwa and Pinewood projects provide Kibo shareholders with exposure to an attractive portfolio
of strategic energy assets in Tanzania. Importantly, they are situated within and close to the Mtwara
Corridor, an area where the Tanzanian Government has committed to significant infrastructure
development and which has seen recent multi-million dollar investment in coal and coal-fired power
stations and uranium exploration.

The Rukwa project has a significant Mineral Resource of thermal coal already defined. This provides
nearer term development and commercialisation potential, complementing the other earlier stage
exploration projects held by Kibo. This is further supported by the memorandum of understanding
that has already been entered into with a major Asian conglomerate for the development of a coal
mine and mine-mouth coal-fired power plant based on the Rukwa project.

In addition, the Pinewood project encompasses a significant ground holding of prospective Karoo
sequence sedimentary rocks. These sediments are attracting considerable interest from international
companies exploring for uranium and coal mineralisation following some notable discoveries in
recent years.

Kibo's objective is to build shareholder value in a sustainable manner. This objective will be pursued
primarily through active exploration of its own projects and by using the Company's experience in
Tanzania to acquire attractive exploration and development assets on competitive terms that can be
moved swiftly up the value curve by using the Company’s own skills base whilst also seeking to
benefit from strategic collaborative relationships with industry leaders who have special skills and
competencies within their chosen fields of focus. Kibo will undertake continual risk assessment of its
projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.

Johannesburg
22 March 2013

Corporate and Designated Adviser
River group

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