Subscribers of Kibo Mining debt opt to convert notes to shares
The Tanzanian focused mineral exploration and development company Kibo Mining has announced that all subscribers to the convertible loan notes that it had issued on 27 September 2017 have now elected to convert the notes to Kibo shares.
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The notes were converted at a share price of £0.05, calculated in accordance with the Note Term Sheet, said the AIM-listed company.
As a result, a total of 31,000,000 new ordinary shares would be issued on Wednesday "with the allocation to each subscriber".
Kibo's CEO Louis Coetzee likened the move to a clear display of support towards the company.
"We are delighted that all subscribers exercised their right to convert the Notes to ordinary shares in Kibo. This is a clear display of reiterated support towards the Company and the direction it is heading.
"I believe that the parties involved see Kibo as a long-term investment that will add value, not only to their own investment portfolios, but also to all the shareholders", said Coetzee.