Kibo Mining agrees unsecured, interest free bridge loan facility of £500,000
AA – Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development Company is pleased to announce it has today entered into a loan facility (the “Facility”) with Sanderson Capital Partners Limited (“Sanderson”) for an amount of £500,000 to be utilised by Kibo at its sole discretion and election during the 3 month term of the Facility. The Facility provides Kibo with access to funds which it will be able to use at the Company’s discretion as needed.
The Facility comprises an unsecured, interest free, fixed term loan. A fee of £150,000 associated with the arrangement and implementation of the Facility will become payable if the Facility is utilised (the “Arrangement Fee”). The Arrangement Fee will be paid one third in cash at repayment of the loan and two thirds in shares at a fixed price of 6 pence per Kibo share on, or before the drawdown date of any particular drawdown.
Louis Coetzee, CEO of Kibo Mining commented today: “Kibo is pleased to have secured the £500,000 loan facility which will provide the Company with short-term cash flow stability and security in a tough market. This will support Kibo while we await a definitive date for receiving the £526, 000.00 still held by the administrator of Kibo’s former broker Hume Capital, as highlighted in our RNS dated 26 August 2015.”
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