Almost exactly three years ago, Kibo Mining (KIBO) raised funds from Hume Capital, a couple of weeks before it went into administration still holding the placing proceeds. Somewhat unbelievably, history has repeated itself with Beaufort Securities going into insolvency on Friday. It looks like a right old mess.
I started the year with a light-hearted look at a few value-generating AIM yarns that appear to have a lot in common with the Loch Ness Monster as there is some doubt as to whether they are ever going to be seen. It feels like monthly updates are appropriate and it’s been a busy start of the year for some of these AIM yetis.
I don’t normally get into personal attacks but having finally caught up with Kibo Mining’s (KIBO) most recent Monthly Q&A and listened to its CEO’s implied dig at me, I thought I should give as good as I get. I was left thinking that Louis Coetzee doesn’t really understand what happened with Kibo’s recent convoluted funding or is just lying about it.
I am forced into doing a follow-up on Kibo Mining’s (KIBO) convertible loan funding arrangement announced on Wednesday last week which I covered HERE due to the fact that all loans were converted on the very next day on Thursday. What was the bloody point? Well, I reckon I worked it out.
Congrats to Kibo Mining (KIBO) for being the first of my preview targets to release results this week and, as my preview predicted, cash was pretty sparse, hence the £500,000 new funding announced this morning. Not a bad deal all in all but not sure what the directors are playing at.
Kibo Mining (KIBO) is a frustrating company as, at its heart, there’s quite an interesting project, namely the Mbeya Coal to Power Project (“MCPP”), unfortunately it’s in Tanzania and the delays are seemingly never-ending which means that it’s probably time to raise some more funds from somewhere, presumably from Beaufort / Sanderson.
In this video from the storming success that was the 2017 UK Investor Show, Louis Coetzee, CEO of Kibo Mining (KIBO), is at the podium. And make sure that you keep April 21 2018 free for next year's UK Investor Show.
Today comes news that Kibo Mining (KIBO) has sold its non core gold assets to Standard Listed joke company Opera Investments (OPRA). This is good news for Kibo ..as for Opera, its standing just could not get any lower.
Four weeks ago, I wrote a critical piece on the terms of the loan deal between Kibo Mining (KIBO) and Sanderson / Beaufort. Well, the renegotiated repayment terms were announced this morning and should be applauded. As Jamie Lawson said, “I wasn’t expecting that!”
An absurd non-news RNS from Kibo Mining (KIBO) this morning looks strange but all becomes clear when one considers the consequences of the gratuitous, greedy deal with Beaufort and Sanderson that I highlighted at the start of the month HERE.
Having written about the dreadful Sanderson Capital Partners loan arrangement with Eurasia Mining (EUA) yesterday (HERE), I thought it might be insightful to provide a case-study in greed from the same guys at Kibo Mining (KIBO) and what it might mean for the stock going forward.
