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

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

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: 29 July 2022

                            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 28,735,632 new MED Shares of £0.001 each (“the
Settlement Shares”) at a deemed issue price of £0.0348 per share (“Settlement Share Price”) from its
subsidiary, Mast Energy Developments PLC (“MED”), in partial settlement of £1m (the “Partial
Settlement”) of the total remaining 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 c. £1.27m. The Settlement Share Price is the 5-day VWAP for the period up to the closing price of
the MED shares on the London Stock Exchange on 26 July 2022, plus a 20% premium.

Following the receipt of the Settlement Shares, Kibo will hold a 61.27% interest in MED.

Louis Coetzee, CEO of Kibo Energy, says: “We are pleased to announce the Partial Settlement of
the MED Loan, which has been agreed on very favourable terms to both Kibo and MED. The
favourable settlement terms not only highlights Kibo’s ongoing support of MED but also illustrates
its firm belief in MED’s future success.”

                                              **ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014 and is announced in accordance with the Company’s obligations under Article
17 of the specified Regulation.

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

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

Zainab Slemang    zainab@lifacommunications.co.za                     Investor and Media Relations
van Rijmenant                            Lifa Communications          Consultant
     

Johannesburg
29 July 2022
Corporate and Designated Adviser
River Group

Date: 29-07-2022 03:15:00
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