Kibo will issue shares to Sanderson to settle his debt

Kibo Mining, a company listed on AIM and AltX, settled the unpaid balance of £ 1.11m on the December 2016 Term Facility with Sanderson Capital Partners.

Sanderson will receive approximately $ 21 million of Kibo's common shares, representing an 8.45% interest in Kibo

Settlement with Sanderson will allow Kibo to receive full payment of $ 3.7 million owed by Kibo Sepco III engineering, procurement and construction contractor

from the Sanderson facility, the $ 3.7 million sum owed by Sepco III and two other possible investments, we now have the realistic expectation of 39, a strong cash position in the short and medium term. "

" In addition, we now have no liabilities, which places us in a much stronger position in terms of debt and equity financing negotiations for the three projects we are currently advancing. " , said the CEO of Kibo Louis Coetzee

The three projects are the coal-energy project of Mbeya, Tanzania; the independent coal power producer project in Mabesekwa, Botswana; and the independent power plant project in Benga, Mozambique.