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KIBO Mining stated that it had withdrawn all of the company's outstanding commitments and was in a stronger position to negotiate the financing of its Mbeya Coal Project (MCPP) in Tanzania following an agreement with Sanderson Capital in which the financial group subscribe to shares of Kibo against $ 3.7 million.
The agreement relates to a previous financing agreement between Kibo and Hulme Capital, which was then put into liquidation and was unable to complete the transaction. Sanderson Capital Partners stepped in to negotiate the transaction that Kibo has now settled with the issuance of shares.
As a result, Sanderson will receive approximately 21.2 million shares of Kibo at a price of 5.25 pence per share representing a 13% Kibo CEO, Louis Coetzee, said in a statement that this strategy aimed to build an African energy society to help reduce the continent's growing energy deficit.
"We have no more outstanding debts, which puts us in a much stronger position in terms of debt financing and equity negotiations for the three projects we are advancing. currently, "he said. In addition to the MCPP, Kibo controls the Mabesekwa coal deposit in Botswana that she hopes to use in a coal-energy project, and an agreement to work with Mozambican power authorities on a coal-fired power solution in this country.