Kibo Mining says Hume Capital funds will be recovered after court ruling

26th Aug 2015 11:24

(ShareCast News) - Tanzania-focused Kibo Mining said that following a court order, it will get back most of the placing money held in the accounts of bankrupt stockbroker Hume Capital.The mineral exploration and development company said that substantially all of the £526,000 which had been paid into Hume's client money account for a share placing will be released, less a small proportion representing costs of the administration.Kibo said the money will be distributed by 2 October at the earliest and no later than two months from that date.Chief executive officer Louis Coetzee said: "We are pleased that all uncertainty related to the February Hume placing has now been removed." He added that this "will have a significantly positive impact on the company's cash position."At 1130 BST, Kibo shares were down 1.5% at 4.1880p.