Settlement of Outstanding Fees to Directors and Management for the Period March 2019 to June 2020
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces that it has settled outstanding fees owing to directors and management by the issue of a 7% Convertible Loan Note Redeemable Instrument (“the Convertible Instrument”). The Convertible Instrument provides for the issue of unsecured redeemable convertible loan notes (“the Notes”) of integral multiples of £1 each to the aggregate amount of £672,824.
The subscriptions for the Notes shall be used to fund the Company’s working capital requirements related to outstanding salaries and fees due to management, directors and former directors who are the sole subscribers to the Notes (“the Subscribers”) pro rata to the amounts owing to each Subscriber on the accounts of the Company at the date of this announcement. During the stated 16-month period no salaries and fees were paid to management and directors.
The Notes are convertible to Kibo ordinary shares (“Ordinary Shares”) at a price identical to the price paid per Ordinary Share issued in the last private placing of Ordinary Shares undertaken by the Company preceding the issue date of the Notes, or any subsequent price paid per Ordinary Share issued in a subsequent issue of Ordinary Shares undertaken by the Company before a Subscriber converts the shares or the Redemption Date (as the case may be), whichever is the lower price . The Redemption Date of the notes is 1 March 2022 and Subscribers can convert some or all their Notes to Ordinary Shares at any time from the date of issue to 5 business days before the Redemption Date.
Until the Notes are repaid by the Company or converted into Ordinary Shares, interest shall accrue and be paid on the principal amount of the Notes outstanding at 7% per annum.
The Subscribers have all received authorisation to subscribe for the Notes under the provisions of the Company’s Share Dealing Code and in accordance with Market Abuse Directive & AIM Regulations.
**ENDS**
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.Kibo.energy or contact:
Louis Coetzee
Kibo Energy PLC
Chief Executive Officer
