KIBO ENERGY PLC - Issue of Shares in lieu of payment to Service Providers & Contractors

Issue of Shares in lieu of payment to Service Providers & Contractors

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: 30 March 2020
                          Kibo Energy PLC (‘Kibo’ or the ‘Company’)
              Issue of Shares in lieu of payment to Service Providers & Contractors


Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, Africa focused, energy company
announces the issue of 6,996,110 Ordinary Shares of €0.001 in the capital of the Company in payment
of various service invoices to certain providers of professional and technical consulting services
(“Contractor Shares”), as well as a further and final payment of 8,000,000 shares to be made to
Bordersley's original MED vendors (see RNS dated 26 June 2019) (collectively hereinafter the
“Shares”). Details of the Shares are outlined below.

  Table 1: Issue of the Shares

       Description                                      Deemed         Issue Price    No. of new
                                                        Payment         per Share     Kibo Shares
                                                         Value           (GBP)           issued
                                                         (GBP)
       Service Provider and Contractor fees              31,482.49          0.0045       6,996,110
       St’ Anderton on Vaal Limited *                   420,000.00          0.0525       8,000,000
       Total                                                                            14,996,110


* In light of the progress and pursuant to the agreement for Kibo to consolidate full ownership of
Bordersley by acquiring all of the original MED vendors, St' Anderton on Vaal Limited ('St' Anderton'),
direct and indirect interests in Bordersley (see RNS dated 26 June 2019), the Company will now make
a further and final payment of 8,000,000 shares in Kibo to St' Anderton, at a deemed issue price of 5.25
pence per share.


Total Voting Rights
Application will be made for the Shares to be admitted to trading on AIM and the JSE AltX markets.
Trading in the Shares is expected to commence on AIM and the JSE on or around 03 April 2020
('Admission'). Following Admission, the Company will have 1,272,272,188 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.


                                               **ENDS**

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
                                                  ETX Capital Limited        Joint Broker
Philip Adler            +44 (0) 20 7392 1494

Bhavesh Patel / Stephen +44 20 3440 6800          RFC Ambrian Limited        NOMAD on AIM
Allen
Isabel de Salis /       +44 (0) 20 7236 1177      St Brides Partners Ltd     Investor and Media Relations
Beth Melluish                                                                Adviser


   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.


   Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a
   private UK registered company targeting the development and operation of flexible power plants to
   service the UK Reserve Power generation market.

   Johannesburg
   30 March 2020
   Corporate and Designated Adviser
   River Group

Date: 30-03-2020 11:00:00
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