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LONDON - Kibo Energy PLC (AIM:KIBO, AltX: KBO) has received the initial advance under a convertible loan note (CLN) from an institutional investor, the company announced Thursday.
The funds will enable Kibo to begin work on its previously announced reverse takeover transaction (RTO) of Carbon Resilience Pte Limited, including starting the due diligence process and preparing admission documentation.
Kibo had announced the proposed acquisition on October 8. Carbon Resilience is described as a utility-scale industrial decarbonization and renewable energy company with over 14 GW of potential capacity in development across 900,000 hectares in Queensland, Australia.
The company expects to receive the balance of the CLN funds around October 29. Kibo stated these funds will be supplemented by an additional fundraise, likely in the form of another convertible loan note, to cover working capital requirements and remaining RTO costs.
The announcement, based on a company press release, contained no details about the financial terms of the convertible loan note or the identity of the institutional investor providing the funding.
Kibo Energy is listed on both London’s AIM market and South Africa’s AltX exchange. Beaumont Cornish Limited serves as the company’s nominated adviser.
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