KIBO ENERGY PLC - Kibo Subsidiary Issue of Shares

Kibo Subsidiary Issue of Shares

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(‘Kibo’ or ‘the Company’)

Dated: 22 May 2023

                          Kibo Energy PLC ('Kibo' or the 'Company')
                                Kibo Subsidiary Issue of Shares

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused development company,
announces its subsidiary Mast Energy Developments PLC (‘MED’), a UK-based multi-asset operator
in the rapidly growing flexible power market, has today allotted 11,666,890 new MED shares of
£0.001 each (the ‘Conversion Shares’). This follows the receipt of conversion notes from the
institutional lender group under the terms of MED’s recent reprofiling agreement on the balance of
its outstanding loan facilities as announced in an MED RNS dated 17 May 2023.

Application for the conversion shares will be admitted to the Standard List of the Official List and
for trading on the main market of the London Stock Exchange (‘LSE’). The expected Admission will
become effective and dealings in the fee shares will commence at 08h00 on or around 26 May 2023.

Following Admission, the shareholding of Kibo Mining (Cyprus) Limited as MED’s largest
shareholder will reduce from 57.86% to 54.91%.

The full announcement can be viewed at med.energy. The full text of the MED RNS release follows:

________________________________________________________________________________

Dated: 22 May 2023
Mast Energy Developments PLC (‘MED’ or ‘the Company’)

Shares issue

Mast Energy Developments PLC, the UK-based multi-asset owner, developer, and operator in the
rapidly growing flexible power market has today allotted 11,666,890 new MED shares of £0.001 each
(the “Conversion Shares”) following receipt of conversion notices from the institutional lender group
under the terms of the recent reprofiling agreement (the “Reprofiling Agreement”) on the balance of
its outstanding loan facilities announced on its RNS of 17 May 2023.

The shares are being issued in respect of £34,662.125 in accrued interest and £50,000 in principal
payment (total of £84,663.125) at an exercise price of £0.0072567 per Conversion Share in
accordance with the terms of the Reprofiling Agreement.

Application will be made for the Conversion Shares to be admitted to the Standard List segment of
the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”).
It is expected that Admission will become effective and dealings in the Fee Shares will commence at
8.00am on, or around, 26 May 2023.
Following Admission, the total issued share capital of the Company will consist of 229,119,619
ordinary shares in issue and this figure may be used by shareholders as the denominator for the
calculations to determine if they are required to notify their interest in, or a change to their interest
in, the Company under the FCA's Disclosure Guidance and Transparency Rules. The shareholding of
MED’s largest shareholder, Kibo Mining (Cyprus) Limited will reduce from 57.86% to 54.91%
following Admission.

                                               ENDS
This announcement contains inside information for the purposes of the UK version of the Market
Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the publication of this announcement,
this inside information is now considered to be in the public domain.

For further information please visit www.med.energy or contact:

 Pieter Krügel        Info@med.energy                Mast Energy Developments PLC    CEO
 
 Jon Belliss          +44 (0)20 7399 9425            Novum Securities                Corporate Broker
 
 Zainab Slemang van   zainab@lifacommunications.com  Lifa Communications             Investor & Media
 Rijmenant                                                                           Relations Advisor

                                              **ENDS**

This announcement contains inside information for the purposes of the UK version of the Market
Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the publication of this announcement,
this inside information is now considered to be in the public domain.

For further information please visit www.kibo.energy or contact:

 Louis Coetzee    info@kibo.energy                Kibo Energy PLC              Chief Executive Officer
 
 James Biddle     +44 207 628 3396                Beaumont Cornish Limited     Nominated Adviser
 Roland Cormish
 
 Claire Noyce     +44 20 3764 2341                Hybridan LLP                 Joint Broker
 
 Damon Heath      +44 207 186 9952                Shard Capital Partners LLP   Joint Broker
 
 Zainab Slemang   zainab@lifacommunications.com   Lifa Communications          Investor and Media Relations
 van Rijmenant                                                                 Consultant

Johannesburg
22 May 2023
Corporate and Designated Adviser
River Group

Date: 22-05-2023 04:00:00
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