LONDON (ShareCast) - Tanzania-focused Kibo Mining has received £150,000 from investor Metal Tiger for 10m shares in the coal-to-power project developer. The deal will result in Metal Tiger owning 3.67% of Kibo's shares. Kibo's chief executive Louis Coetzee said: "Whilst the company has achieved a stable cash position, with no debt, the additional monies received further bolster our current financial position.
"We are currently finalising our review of the Rukwa coal-to-power project phase one, stage one definitive mining feasibility study report and will be reporting our findings to market very shortly.
"The final power pre-feasibility study report is also expected in the coming days and we will update the market upon receipt in this regard.
"We would like to thank investors for their support and patience whilst we complete our technical review work in what is a transformational period for the company." Shares (Frankfurt: DI6.F - news) in Kibo rose 1.1p or 26.4% to 5.15p at 15:50 in London.
No comments:
Post a Comment