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JOHANNESBURG - Kibo mining, an Africa-focused energy company, announced yesterday that Kibo and Sanderson Capital Partners had settled the outstanding balance of £1.12 million (R20m) on the forward payment facility agreed on December 20, 2016. 

Kibo’s chief executive, Louis Coetzee, said this was a strong endorsement of the company's strategy, focused on building an African energy company to help alleviate the continent's growing energy deficit. 

Sanderson will be issued 21239375 new ordinary Kibo shares at a price of 5.25pence a Kibo share. This represents a 13percent premium to last Friday’s closing price of 4.65p. 

The company said it believed that the conversion at a premium was a strong endorsement of its strategy, and with the termination of any claims by Sanderson Kibo could receive the full payment of $3.7 million (R49.74m) in cash due to it from its engineering, procurement and construction contractor SEPCO III - a Chinese construction and engineering company. 

- BUSINESS REPORT