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Kibo Energy PLC (LSE:KIBO), headquartered in Galway, Ireland, has finalized a share placing deal involving the issuance of new shares. The company, which is engaged in energy projects across Africa and the UK, has converted GBP 263,334 of debt into equity at a price of 0.0084 pence per share. Notably, Non-Executive Director Clive Roberts has received 1.62 billion shares in exchange for a GBP136,088 loan. Additionally, former CEO Louis Coetzee has converted GBP243,244 in unpaid remuneration into shares at the same rate.
Share Placing Details
As part of the share placing, Kibo Energy has issued 4.17 billion new shares at a price of 0.0084 pence per share. This issuance includes a second tranche of 2.38 billion shares, while the first tranche has already been completed. The placing has raised GBP350,000, with investor Peter Sion Williams acquiring the new shares. Following this transaction, Williams now holds a 28% stake in Kibo Energy PLC.
Company Overview
Kibo Energy PLC focuses on exploring and developing energy projects in Sub-Saharan Africa and the United Kingdom. The company holds a 65% interest in the Sustineri Energy project in South Africa and a 100% stake in the Southport project located in Merseyside, England. Additionally, Kibo Energy owns a 57.86% interest in MAST Energy Developers. The company is involved in power generation, mineral exploration, and treasury operations. Previously known as Kibo Mining Plc, Kibo Energy PLC changed its name in 2018 and was established in 2008.
