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KIBO ENERGY PLC - Completed Sale of Haneti Nickel Project

Release Date: 26/11/2018 16:36
Code(s): KBO     PDF:  
Wrap Text
Completed Sale of Haneti Nickel Project

 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: 26 November 2018

                                 Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                                   Completed Sale of Haneti Nickel Project

Further to its announcement on 22 June 2018, Kibo Energy plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-
focused energy company, announces that Kibo Mining (Cyprus) Ltd, its wholly owned subsidiary, has completed
the sale of Kibo Nickel Limited (‘Kibo Nickel’) to Katoro Gold Ltd (‘Katoro’) in an all share transaction (the
‘Sale’), following receipt of relevant regulatory approvals. The Sale is consistent with Kibo’s strategy to focus on
the development of its three energy projects as it becomes a major regional power player in Africa.

Louis Coetzee, Kibo’s CEO, said, “Whilst we recognise the potential of the Haneti Nickel Project, the Board
believes that it is better placed within Katoro’s portfolio as Kibo progresses towards becoming a leading regional
energy company. This sale enables us to focus exclusively on the advancement of our portfolio of energy projects
in Tanzania, Botswana and Mozambique. Progress is being made in the development of each project and we
continue to work closely with the different governmental and national bodies, as well as our international
development partners including General Electric and SEPCOIII. I look forward to updating shareholders with
relevant updates throughout the rest of the year.”

Terms of Sale
Under the terms of the Sale, Kibo has sold its wholly owned subsidiary, Kibo Nickel, a private company
incorporated in the Republic of Cyprus, to Katoro for 15,384,615 new ordinary shares in Katoro at a price of 1.3p
per share (valued at £200,000) ('Consideration Shares'). The Consideration Shares will be issued to Kibo upon
transaction completion and will rank pari passu with the existing Ordinary Shares. Kibo will also retain a 2%
NSR royalty in respect of nickel or mineral concentrates produced and sold from any of Kibo Nickel's properties.

On admission of the Consideration Shares for trading on AIM, Kibo will hold 82,987,179 Ordinary Shares in
Katoro, representing 55.53% of the enlarged share capital of Katoro.

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

  Ben Tadd /                +44 (0) 20 3700 0093        SVS Securities Limited      Joint Broker
  Tom Curran

  Jason Robertson           +44 (0)20 7374 2212         First Equity Limited        Joint Broker

  Andrew Thomson            +61 8 9480 2500             RFC Ambrian Limited         NOMAD on AIM
 Isabel de Salis / Gaby    +44 (0) 20 7236 1177       St Brides Partners Ltd      Investor and Media
 Jenner                                                                           Relations Adviser


Notes to editors
Kibo Energy PLC is a multi-asset, Africa focussed, 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. Additionally, the Company will
benefit from its robust and experienced international blue-chip partnership network across its project portfolio,
which includes: SEPCOIII (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon
Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

Johannesburg
26 November 2018
Corporate and Designated Adviser
River Group

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