Kibo Mining has received commitments to raise £750,000 ($1 million) via a share placing to progress its coal-to-electricity project in Mbeya.
The mining company, which aims to become a regional electricity supplier, said they would raise the money through placing of 17.6m shares at 4.25p each.
“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,” said Chief Executive Officer Louis Coetzee.
It is reported that the listing is being carried out by Kibo’s UK broker, Beaufort Securities and the company expects to pay an aggregate of £75,000 ($103,000) in expenses.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM and the JSE AltX markets.
Trading in the New Ordinary Shares is expected to commence on AIM and the JSE on or around next Monday.
Following admission, the company will have 412,901,424 shares in issue.
Source: ESI Africa