KIBO ENERGY PLC On 21 November 2014, Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, announced that it had entered into a Memorandum of Understanding ("MOU") with Metal Tiger Plc ("Metal Tiger") with a view to a 50/50 Joint Venture ("JV") on Kibo's uranium-prospective portfolio in Tanzania ("Pinewood Portfolio").
Kibo is pleased to announce it has received confirmation that Metal Tiger is satisfied with the results of its due diligence on Kibo's Pinewood Portfolio and will now proceed to finalise the JV agreement for uranium exploration with Kibo.
Under the MOU, by confirming due diligence is complete and its commitment to proceed, Metal Tiger is to be issued with 10 million warrants for 10 million new ordinary shares in Kibo, with an exercise price of 3p each and a term of 3 years from the date of issue, expected to be 15 January 2015.
Kibo can also confirm it has received an immediate notice of exercise for the 10 million Metal Tiger warrants, and upon receipt of the warrant exercise documentation and payment of £300,000, Kibo will arrange for the issue of the associated 10 million shares to Metal Tiger and submit an application for admission to trading on AIM and the JSE of said shares, with an appropriate announcement to market at that time.
Finally, Kibo has also entered into exclusive discussions with Metal Tiger to agree the terms of a Joint Venture on Kibo's gold-prospective Morogoro South project.
Louis Coetzee, Chief Executive Officer of Kibo Mining plc commented: "We are pleased that the Pinewood due diligence is complete and that Metal Tiger and Kibo Mining can now move forward together with the planned Joint Venture. As a result the exploration of our prospective uranium licences at Pinewood is now reactivated and we look forward greatly to news flow from these interests.
We are also pleased to see an accelerated warrant exercise and Metal Tiger increasing their shareholding position in Kibo. As previously stated, we have secured a stable cash position within the Company, and the additional £300,000 from this warrant exercise will further bolster this and enable the Company to undertake its work and finalise appropriate third party project based negotiations.
The Company and its management team are engaged in an intensive period of work and will be updating investors further across multiple areas of our business operations in the near future."
Download Full Report|
distributed by
|
