Kibo Mining to raise £750k in placing

AIM-listed Kibo Mining said on Tuesday that it has received commitments to raise £750,000 before expenses through a placing of 17.6m shares at 4.25p each.

Mining

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-48.03

Proceeds from the placing will be used to build on the company’s plans to create a strategic regional electricity supplier.

Chief executive officer Louis Coetzee said: "Our portfolio of power projects, including our flagship 300MW Mbeya Coal to Power Project, is rapidly advancing and I look forward to updating both new and existing shareholders on progress soon."

The placing is being carried out by Kibo’s UK broker, Beaufort Securities and the company expects to pay an aggregate of £75,000 in expenses.

Kibo is a Tanzania-based minerals exploration and development company.

At 1550 GMT, the shares were up 2.5% to 5.79p.