Kibo Mining settles his debt with Sanderson | July 9, 2018

StockMarketWire.com – Energy group Kibo Mining said Monday has settled its debt with Sanderson Capital Partners Limited.

Kibo issued shares to Sanderson to settle the outstanding balance of £ 1,115 million on the term payment mechanism agreed on December 20, 2016, Kibo said.

Sanderson would receive 21,239,375 new Kibo common shares with a par value of € 0.015 each, at a price of 5.25p per Kibo share, a premium of approximately 13% on the closing price. of 4.65p on Friday, July 6, 2018, said Kibo.

As a result of the settlement, Sanderson's interest in Kibo would increase to 8.45%.

The settlement would allow Kibo to receive the full US $ 3.7 million cash payment from its EPC SEPCO III contractor, without any claims from Sanderson.

"With settlement of Sanderson's facility, the US $ 3.7 million due to SEPCO III and two possible new investments, which we announced last week, we now have the hope Realistic of a strong cash short and medium term position, "said Kibo CEO Louis Coetzee.

At 8:50: [LON:KIBO] The Kibo Mining stock price was + 0.2 p to 4.85p

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