KIBO ENERGY PLC - Settlement of Outstanding Loan and Warrant Proceeds

Settlement of Outstanding Loan and Warrant Proceeds

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”)

 27 May 2021

                             Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                       Settlement of Outstanding Loan and Warrant Proceeds

 Kibo Energy PLC (AIM: KIBO; AltX:KBO), the multi-asset, Africa-focused, energy company, has today
 issued 65,276,346 new Kibo Shares of €0.001 each (the “Settlement Shares”) at a deemed issue
 price of £0.0026 per share (“Settlement Share Price”) to Sanderson Capital Partners Limited
 (“Sanderson”) in settlement of £169,718.50 of the total outstanding amount of £339,437 pursuant
 to the Forward Payment Facility (the “Facility”) signed between Sanderson and the Company in
 December 2016. This settlement represents 50% of the outstanding amount on the Facility. The
 remaining amount of £169,718.50 is being settled in cash, in full and final settlement of all
 outstanding amounts on the Facility.

 The Settlement Share Price is the closing price of the Company shares on AIM on 26 May 2021.

 The Company also notes that in 2021 to date, warrant holders have exercised 188,431,556 Kibo
 warrants at prices of £0.002 to £0.004 for total proceeds of £697,726 received by the Company. The
 Company currently has 750,861,140 warrants in issue ranging in price from £0.002 to £0.006.

 Total Voting Rights

 Application will be made for the Settlement Shares to be admitted to trading on AIM and the JSE
 AltX markets. Trading in the Settlement Shares is expected to commence on AIM and the JSE on or
 around 7 June 2021 ('Admission'). Following Admission, the Company will have 2,475,348,737
 shares in issue. The foregoing figure may be used by shareholders as the denominator for the
 calculations to determine if they are required to notify their interest in, or a change to their interest
 in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 Following the Admission, Sanderson will hold 13.43% interest in the Company.

                                               **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          Broker

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

Isabel de Salis /
                        info@stbridespartners.co.uk St Brides Partners Ltd Investor and Media Relations Adviser
Charlotte Hollinshead


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
27 May 2021
Corporate and Designated Adviser
River Group

Date: 27-05-2021 08:00:00
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