KIBO has appointed SVS Securities as its new broker pursuant to London Stock Exchange's Alternative Investment Market (AIM) Rule 35 to replace Beaufort Securities.
Beaufort was placed into insolvency on last week and was ordered to cease all regulatory activities by the Financial Conduct Authority. The proceeding is expected to be invested at generating coal-topower plant in Mbeya with output capacity of 300MW.
SVS, according to the miner, subsequently agreed to complete the placement with the company on the same terms agreed with Beaufort as the company's agent and without delay. Under the new arrangement with SVS, the miner expects the aggregate expenses associated with the placement to be 37,500 UK pound.
Kibo's CEO Louis Coetzee said they were pleased to appoint SVS as the new broker and to have reached agreement with them to complete the placement announced last week at such short notice.
"This will ensure that the company will receive the placement proceeds without any delay," Mr Coetzee said on release yesterday.
Trading in the new ordinary Shares is now expected to commence on London's AIM and the Johannesburg Stock Exchange (JSE) yesterday as initially advised