Kibo Mining raises funds for Tanzania projects

30th Aug 2013 10:57

Kibo Mining's shares fell after the mineral exploration and development company said it raised over 1.1m pounds in fundraising for projects in Tanzania. The group, focused on gold, nickel, coal and uranium projects, raised the funds through the placement of 22.10m ordinary shares.Proceeds will be used for the company's exploration programmes in Tanzania and for general working capital purposes."Kibo is pleased with the successful outcome of the latest placing," said Chief Executive Officer, Louis Coetzee. "This will allow the company to maintain and continue building on the momentum the company has been able to generate over the past months on its promising mineral projects in Tanzania."Shares declined 6.82% to 5.12p at 11:05 on Friday.RD