SANDERSON Capital Partners has increased its stake in Kibo Mining to 5.28% after accepting 8.3 million in conversion shares in partial payment on the balance of funds drawn down by Kibo in terms of a forward payment facility between the two parties.
The conversion Shares, which were issued at a price of 5 pence per Kibo share, are in respect of a repayment amount of $568,712, the coal-to-energy development company said in an announcement today. Shares in Kibo are currently trading at 4.72p per share. Sanderson Capital Partners now has about 31.9 million shares in Kibo.
Kibo also announced that Mashale Phumaphi would step down from the company’s board owing to “… an expanding workload as CEO of Shumba Energy”. Phumaphi was appointed non-executive director of Kibo on April 3 under the terms of Kibo’s acquisition of an 85% interest in the Mabesekwa Coal Independent Power Project which Shumba owned.
