Kibo Energy PLC (JSE:KBO) News - Amendment to Share Purchase Agreement

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

Dated: 1 April 2022

                          Kibo Energy PLC ('Kibo' or the 'Company')

                           Amendment to Share Purchase Agreement

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy focused development company,
announces an amendment (the “First Amendment”) to the Share Purchase Agreement (“SPA”) to
acquire the Victoria Falls Solar Park project in Zimbabwe (the“Project”) from Broomfield
International Limited (“Broomfield”), the details of which were announced in the Company’s
RNS/SENS of 21 March 2022 (the “Previous Announcement”).

The First Amendment extends the completion date for the first three conditions precedent noted in
the Previous Announcement (numbered 1, 2 & 3) to no later than 29 April 2022 . The SPA previously
noted that these three conditions precedent were for completion by no later than 31 March 2022.

For clarity the first three conditions precedent noted in the Previous Announcement now provide for:

       1. by no later than 29 April 2022, Kibo and Broomfield shall have delivered to each other
          written notice that they are satisfied with the results of their respective due diligence
          investigation;
       2. by 29 April 2022, Broomfield shall have provided certified copies of resolutions authorising
          the sale of Brownhill;
       3. by 29 April 2022, Kibo shall have entered into service agreements on mutually acceptable
          terms with the key individuals nominated by Broomfield to the board and executive
          management of Kibo for a period of at least 24 months;

The above record the only amendments to the SPA as a result of the signing of the First Amendment
and all other terms and conditions of the SPA remain the same including the remaining conditions
precedent noted and numbered 4 to 7 in the Previous Announcement and all other information
provided therein.

The Company will in due course provide further progress updates and additional background
information on the acquisition of the Project.

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.
                                         **ENDS**

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

Louis Coetzee         info@kibo.energy              Kibo Energy PLC             Chief Executive Officer

Andreas Lianos        +357 99 53 1107               River Group                 JSE Corporate and Designated Adviser

Claire Noyce          +44 (0) 20 3764 2341          Hybridan LLP                Joint Broker
                      
Damon Heath           +44 207 186 9952              Shard Capital Partners LLP  Joint Broker

Bhavesh Patel /       +44 20 3440 6800              RFC Ambrian Ltd             NOMAD on AIM
Stephen Allen

Christopher Nicholson energy@acfequityresearch.com   ACF Equity Research        Independent Equity Research House
                                                                               
Sewela Makgolane      sewela@lifacommunications.com  Lifa Communications        Investor and Media Relations Adviser


Johannesburg
1 April 2022
Corporate and Designated Adviser
River Group

Date: 01-04-2022 04:00:00
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