Wrap Text
Fundraise of US$900,000
Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
ISIN: GB00BYP2QJ94
("Kore Potash" or the "Company")
5 November 2024
Fundraise of US$900,000
Kore Potash plc, the potash development company with 97% ownership of the Kola and DX Potash
Projects in the Sintoukola Basin, located in the Republic of Congo, is pleased to announce the
successful completion of a share subscription (the "Fundraise"), which has raised approximately
US$900,000 through the issue of 25,441,268 new ordinary shares of US$0.001 each in the Company
("Subscription Shares") to certain existing shareholders as well as new institutional and high net worth
investors at a price of 2.76 pence per Subscription Share ("Subscription Price") representing a 15%
discount to the closing mid-market price of the Company's shares of 3.25 pence on Friday 1st
November 2024.
The net proceeds from the Fundraise will be used to further advance the work that is expected to lead
to the signing of an EPC contract for the Kola Potash Project and provide working capital for Kore
Potash.
David Hathorn, Chairman, was unable to take part in the Fundraise as he is considered by the Company
to be in possession of unpublished inside information.
Application for admission
The Subscription Shares will, when issued, be credited as fully paid and will rank pari passu in all respects
with the existing issued ordinary shares. This includes the right to receive all dividends and other
distributions declared or paid in respect of such ordinary shares after the date of issue of the new
ordinary shares. Kore Potash advises that application will be made for the admission of 25,441,268
Subscription Shares to trading on AIM, the Johannesburg Stock Exchange and the Australian Securities
Exchange with admission expected to take place on 11 November 2024.
Total voting rights
Following the issue of the Subscription Shares, the Company's total issued share capital will consist of
4,377,869,961 ordinary shares of US$0.001 each. No shares are held in treasury. Accordingly, the total
number of voting rights in the Company will be 4,377,869,961.
The above figure may be used by shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their interest in, or a change in their interest
in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
The Subscription Shares will be issued within the Company's existing ASX Listing Rule 7.1 capacity. The
Company can confirm that none of the Subscription Shares are being issued to a party noted in ASX
Listing Rule 10.11.
Mr Andre Baya, CEO of Kore Potash said:
"We are very pleased with the support from our existing shareholders as well as of our new investors
that we have continued to see. This is a very exciting and significant time for the Company as we look
to progress the Kola Potash Project towards signing the EPC contract.
We look forward to providing further updates in due course."
Market Abuse Regulation
Market Abuse Regulation (MAR) Disclosure - The information contained within this announcement is
deemed by the Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 which has been incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the public domain.
The Company will also lodge an Appendix 3B Proposed issue of securities, with the ASX notifying of the
proposed issues.
This announcement has been approved for release by the Board.
For further information, please visit www.korepotash.com or contact:
Kore Potash
Andre Baya, CEO
Andrey Maruta, CFO Tel: +44 (0) 20 3963 1776
Tavistock Communications
Nick Elwes
Josephine Tel: +44 (0) 20 7920 3150
Clerkin
SP Angel Corporate Finance - Nomad and Broker
Ewan Leggat
Tel: +44 (0) 20 7470 0470
Charlie Bouverat
Grant Barker
Shore Capital - Joint Broker
Toby Gibbs Tel: +44 (0) 20 7408 4050
James Thomas
Questco Corporate Advisory - JSE Sponsor
Doné Hattingh Tel: +27 63 482 3802
Date: 05-11-2024 01:46:00
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