Kibo Signs Heads of Agreement with Opera Investments

23 September 2016

Kibo Mining plc ('Kibo' or the 'Company') (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that it has signed a Heads of Agreement (the 'HoA') with LSE Main Market listed Opera Investment PLC ('Opera') (Kibo and Opera together the 'parties') for the sale of the entire share capital of its wholly owned UK subsidiary, Sloane Developments Ltd (the 'Proposed Transaction').

The HoA provides for the following to occur contemporaneously or immediately after the Transaction:

• Subject to commercial, technical and legal due diligence, the consideration to acquire the Imweru and Lubando gold projects will be satisfied by the allotment and issue to Kibo on completion of the Proposed Transaction of 61,000,000 ordinary shares of one pence each in the capital of Opera at a price of 6 pence per ordinary share immediately following completion of the Proposed Transaction (and completion of the fundraising by Opera referred to below) (Consideration Shares).
• As part of the Proposed Transaction, Opera and Kibo have agreed that there will be a fundraising by way of the issue of new ordinary shares in Opera at a price of 6 pence per ordinary share (the Placing Shares). The Proposed Transaction will be subject to a minimum fundraising of £1,200,000 before expenses.
• As part of the Proposed Transaction, Opera will delist from the Main Market of the London stock Exchange and the enlarged share capital of Opera following Completion will contemporaneously seek admission to the AIM Market of the London Stock Exchange (AIM).
• On completion of the Proposed Transaction it is proposed that Opera will be renamed Katoro Gold Mining plc.
• The Board of Directors following completion of the Proposed Transaction will initially comprise 3 directors nominated by Kibo and 2 directors nominated by Opera.

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