Kropz PLC Update on New Convertible Facility Agreement (6764N)
06 Juin 2022 - 8:01AM
UK Regulatory
TIDMKRPZ
RNS Number : 6764N
Kropz PLC
06 June 2022
6 June 2022
Kropz Plc
("Kropz" or the "Company")
Update on New Convertible Facility Agreement
Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer
and developer, announced on 11 May 2022 that it had entered into a
new conditional convertible equity facility of up to ZAR 177
million ("ZAR 177 Million Equity Facility"), with ARC Fund ("ARC"),
the Company's major shareholder, in order to deliver the Company's
Elandsfontein phosphate project to first revenue.
Further to that announcement, the Company is pleased to report
that it received approval from the South African Reserve Bank
("SARB") for the ZAR 177 Million Equity Facility on 2 June 2022.
Shareholder approval for the ZAR 177 Million Equity Facility was
received on 30 May 2022.
The ZAR 177 Million Equity Facility is now unconditional and the
first drawdown of ZAR103,500,000 was made on 2 June 2022. The
bridge loan of ZAR 25 million, as announced on 27 April 2022 will
be set off against the first draw down amount and the net amount of
ZAR78,500,000 will be received by the Company from ARC, in respect
of the first draw down.
For further information visit www.kropz.com or contact:
Kropz Plc
+27 (0) 79
Mark Summers (CEO) 744 8708
Grant Thornton UK LLP Nominated
Adviser
Samantha Harrison
Harrison Clarke
George Grainger +44 (0) 20
Ciara Donnelly 7383 5100
Hannam & Partners Broker
Andrew Chubb +44 (0) 20
Ernest Bell 7907 8500
Tavistock Financial
PR & IR (UK)
Nick Elwes +44 (0) 207
Jos Simson 920 3150
Oliver Lamb kropz@tavistock.co.uk
R&A Strategic Communications PR (South
Africa)
James Duncan +27 (0) 11
880 3924
james@rasc.co.za
About Kropz Plc
Kropz is an emerging African producer and developer of plant
nutrient feed minerals with phosphate projects in South Africa and
in the Republic of Congo. The vision of the Group is to become a
leading independent phosphate rock producer and to develop into an
integrated, mine-to-market plant nutrient company focusing on
sub-Saharan Africa.
-ENDS-
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END
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