Kibo Mining will raise half a million pounds sterling by issuing 9.5 million new shares at a unit price of 5.25p and placing it with an Irish-based investment fund, the mining company said in a market statement on Monday.
The funds raised by this share issue will be used to speed up the economic feasibility studies being conducted for the Mabesekwa Independent Coal to Power electricity projects in Botswana and Benga Independent Power in Mozambique.
Kibo Mining’s shareholders also approved the change of the official name of Kibo Mining to Kibo Energy, “a designation that better reflects the fact that the company has stopped focusing on the exploration of natural resources to become an energy company.”
Kibo Energy, a company listed in London and Johannesburg, announced last June that it had completed preparations for a partnership with Mozambican power plant company Termoeléctrica de Benga to develop an independent power generation project in the province of Tete, central Mozambique. (macauhub)