Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19042023
Kibo Energy Plc (dual listed KIBO:AIM, JSE:KBO) a renewable, reserve energy, LDES and biofuel corp., last week announced a repriced warrant offer that should unblock arious decision mechanisms (including spinoffs), which would be in the interest of the majority of investors. We note management (current + previous) is committing >£700k of its own capital via the CLN conversion. Exercising the repriced warrants on the JSE appears the logical approach. The S. African s/p arbitrage puts the repriced warrants in the money. Once a relatively small number of repriced warrants are exercised, the bridge loan reprofiling is triggered converting 28 April 2023 repayment of ~£1m to a 24-month term loan.
Kibo Energy PLC Formerly known as Kibo Mining PLC. Kibo Energy PLC, formerly Kibo Mining PLC, is engaged in exploration for and development of coal and other minerals in Tanzania. The Company operates through two segments: mining and corporate. The mining segment operates in Tanzania. The corporate segment operates in Ireland, Cyprus, South Africa, Canada and the United Kingdom. Its projects include Mbeya Coal to Power Project, which is located in southern Tanzania, over 70 kilometers north of the regional town of Mbeya; Lake Victoria Project, which Imweru Mineral Resource located in northern Tanzania at the western side of the Geita Greenstone Belt within the Lake Victoria gold field, and Morogoro Gold and Pinewood Uranium Projects, which are located in central and southern Tanzania. It also holds a portfolio of earlier stage gold licenses and applications located within gold productive greenstone belts in the Lake Victoria Gold project. Through its subsidiary, Mast Energy Developments Ltd, it constructs power and communication line.
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