Kibo Energy has entered into a definitive share sale agreement with Shumba Energy for the sale of the company’s remaining 35% equity holding in Kibo Energy Botswana in which Kibo held its interest in the coal resources associated with the project .
Kibo Energy Botswana consists of the Mabasekwa Coal to Power Project, which had a carrying value of £nil as at 31 December 2022 with an associated loss before tax of £3.56 million, largely reflecting a full impairment of the carrying value in that period.
The sale to Shumba is for a consideration of US$375,000 which is payable by means of ordinary shares in the authorized unissued share capital of Shumba, listed on the Botswana Stock Exchange, calculated based on the volume-weighted average price of shares in Shumba as traded over 30 trading days prior to the issue date, and rounded up or down to the nearest number of whole shares.
Source : Mining