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Kaboko Mining Ltd, US$1.2M Raised by Way of Convertible Debt

The board of Directors (the “Board”) of Kaboko Mining Ltd (the “Company”) wishes to announce that it has entered into definitive transaction agreements with two institutional investors (collectively the “Investors”) pursuant to which the Company raises up to US$1.2 million by way of redeemable convertible bonds (the “Bonds”).

Subject to the terms and conditions, the Bonds may be converted into ordinary shares of the Company (the “Conversion Shares”). The conversion price for each Conversion Share (“Conversion Price”) is calculated based on 80% of the average ten daily volume-weighted average trading price (VWAP) of the Company’s shares at conversion. In addition the Company will issue 100 million Shares which will be offset against the share issue on conversion of the final Bonds and consideration including a non- refundable commencement fee of 6% of the Facility is payable calculated based on the 5 trading day volume weighted average price, being $0.004, which will be satisfied by the issue of 21,000,000 Shares together with the issue of 100,000,000 unlisted options exercisable at $0.01 each within 3 years of issue. The facility may be drawn in tranches of $150,000 subject to any necessary shareholder approval.

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