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Kibo Energy PLC - Africa- and UK-focused energy project company - Signs a bridge loan facility agreement with an unnamed institutional investor for up to GBP3 million, with a term of up to 36 months.
The facility has an initial drawdown of GBP1 million, which is immediately available to Kibo on the facility's signing.
The investor will receive warrants equal to 30% of each drawdown divided by the average of the daily volume weighted average price for the five days before the drawdown.
In addition, Kibo has issued GBP70,000 in shares in settlement of a facility implementation fee.
"The facility is one of the steps driving Kibo towards a fully renewable future, culminating in potentially highly predictable revenues and cash flow streams. It is very satisfying to be able to build a portfolio that is both environmentally positive and has potential to generate strong growth and reliable returns for shareholders. We also believe that the support of an institutional investor at this point in our development is an indication of the credibility of our strategic plan and operational execution," says Chief Executive Officer Louis Coetzee.
Current London stock price: 0.18 pence, down 9.4% on Wednesday
12-month change: down 58%
Current Johannesburg stock price: ZAR0.07
12-month change: down 13%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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