RNS Number : 3068U

Kibo Energy PLC

29 July 2022

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

Dated: 29 July 2022

Kibo Energy PLC ('Kibo' or the 'Company')

Partial Settlement of Outstanding Shareholder Loan Owing by Mast Energy Developments PLC (' MED' )

Kibo Energy PLC (AIM: KIBO; AltX: KBO) ('Kibo' or the 'Company'), the renewable energy focused development company, has today received 28,735,632 new MED Shares of GBP0.001 each ("the Settlement Shares") at a deemed issue price of GBP0.0348 per share ("Settlement Share Price") from its subsidiary, Mast Energy Developments PLC ("MED"), in partial settlement of GBP1m (the "Partial Settlement") of the total remaining outstanding amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus) Limited ('Kibo Cyprus') .

Following the Partial Settlement, the remaining outstanding shareholder loan amount owed by MED is c. GBP1.27m. The Settlement Share Price is the 5-day VWAP for the period up to the closing price of the MED shares on the London Stock Exchange on 26 July 2022, plus a 20% premium.

Following the receipt of the Settlement Shares, Kibo will hold a 61.27% interest in MED.

Louis Coetzee, CEO of Kibo Energy, says: "We are pleased to announce the Partial Settlement of the MED Loan, which has been agreed on very favourable terms to both Kibo and MED. The favourable settlement terms not only highlights Kibo's ongoing support of MED but also illustrates its firm belief in MED's future success."


This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 and is announced in accordance with the Company's obligations under Article 17 of the specified Regulation.

For further information please visit www.kibo.energy or contact:

 Louis Coetzee    info@kibo.energy                  Kibo Energy PLC          Chief Executive Officer 
 Andreas Lianos   +357 99 53 1107                   River Group              JSE Corporate and Designated 
                 --------------------------------  -----------------------  ----------------------------- 
 Claire Noyce     +44 (0) 20 3764                   Hybridan LLP             Joint Broker 
                 --------------------------------  -----------------------  ----------------------------- 
 Damon Heath      +44 207 186 9952                  Shard Capital Partners   Joint Broker 
                 --------------------------------  -----------------------  ----------------------------- 
 Bhavesh Patel    +44 20 3440 6800                  RFC Ambrian Ltd          NOMAD on AIM 
  / Stephen 
                 --------------------------------  -----------------------  ----------------------------- 
 Zainab Slemang   zainab@lifacommunications.co.za   Lifa Communications      Investor and Media Relations 
  van Rijmenant                                                               Consultant 
                 --------------------------------  -----------------------  ----------------------------- 


29 July 2022

Corporate and Designated Adviser

River Group

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(END) Dow Jones Newswires

July 29, 2022 09:15 ET (13:15 GMT)

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