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Kibo Mining ( (GB:KIBO) ) has issued an announcement.
Kibo Energy has announced that its planned reverse takeover of Australian renewable energy developer Carbon Resilience Pte Limited will not proceed as envisaged, after the seller and target failed to supply sufficient due diligence documentation within the time required under the sale and purchase agreement. In addition, the noteholder that was expected to provide a second tranche of funding under a convertible loan note has not advanced those funds, leaving Kibo needing alternative financing to cover its ongoing working capital needs, and prompting the company to begin evaluating other strategic opportunities, with further updates to the market expected in due course.
More about Kibo Mining
Kibo Energy PLC is an Ireland-incorporated energy company listed on AIM in London and AltX in Johannesburg, historically focused on power and energy projects and now engaged in repositioning its portfolio toward renewable and alternative energy assets.
Average Trading Volume: 162,637
Technical Sentiment Signal: Sell
Current Market Cap: £956.5K
For an in-depth examination of KIBO stock, go to TipRanks’ Overview page.