Kiboko to roll back shares 1:10, complete placement

Executive Summary

• Kiboko Gold Inc. proposes a 1‑for‑10 share consolidation, reducing outstanding shares from ~44.14 M to ~4.41 M post‑consolidation.
• The company plans a non‑brokered private placement of up to 10 million units at $0.10 per unit, targeting gross proceeds of up to $1 million.
• Each unit includes one post‑consolidation common share and one warrant allowing purchase of an additional share for $0.15 within two years; all securities are subject to a four‑month hold period.

Key Details

• Consolidation Ratio: 1 post‑consolidation common share for every 10 pre‑consolidation shares.
• Pre‑consolidation Shares Outstanding: 44,137,093.
• Post‑consolidation Shares Outstanding: Approximately 4,413,709 (fractional shares will be rounded down; no cash payment for fractions).
• Private Placement Size: Up to 10 million units.
• Unit Price: $0.10 per unit (post‑consolidation).
• Gross Proceeds Target: Up to $1 million.
• Unit Composition:
• 1 post‑consolidation common share
• 1 transferable warrant to purchase an additional post‑consolidation common share at $0.15, exercisable for two years after placement completion.
• Hold Period: All issued shares and warrants are subject to a four‑month + one‑day hold period under Canadian securities law.
• Use of Proceeds: General corporate and working capital purposes.
• Finder’s Fees: May be paid in accordance with TSX Venture Exchange policies.
• Approvals Required: Shareholder approval and TSX Venture Exchange consent for both the consolidation and private placement.
• Next Steps: Record date and effective date of consolidation to be announced in a subsequent release; shareholders will receive transmittal letters with surrender instructions.

Notable Quotes

(No direct quotes were provided in the release.)