Kropz PLC Elandsfontein bridge loan facility (3959B)
30 Septembre 2022 - 3:00PM
UK Regulatory
TIDMKRPZ
RNS Number : 3959B
Kropz PLC
30 September 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
30 September 2022
Kropz Plc
("Kropz" or the "Company")
Elandsfontein bridge loan facility
Kropz Plc (AIM: KRPZ), an emerging African phosphate producer
and developer, reports that as a result of the delays in the
ramp-up of operations at Kropz Elandsfontein (Pty) Ltd ( "
Elandsfontein ") that were announced 9 August 2022, there is an
immediate funding requirement of ZAR 60.5 million (approximately
US$3.4 million) for Elandsfontein.
Kropz, Elandsfontein and ARC have agreed to a further ZAR 126
million (approximately US$ 7 million) bridge loan facility (the
"September Loan") to meet immediate cash requirements at
Elandsfontein to the end of October 2022. Kropz will draw down ZAR
60.5 million (approximately US$ 3.4 million) of the September Loan
on 5 October 2022.
The September Loan is in addition to the ZAR 121.5 million
(approximately US$ 7.3 million) bridge loan facility Kropz,
Elandsfontein and ARC entered into to meet immediate cash
requirements at Elandsfontein to the end of August 2022 (the
"August Loan") (announced on 9 August 2022).
As announced 9 August 2022, Kropz and the ARC Fund are currently
working on a comprehensive funding structure to encompass the
August Loan and the September Loan and any further working capital
requirements for Elandsfontein and for Kropz.
The September Loan is unsecured, repayable on demand, and there
are no fixed repayment terms. It is repayable by Elandsfontein on
no less than two business days' notice. Interest is payable on the
September Loan at the South African prime overdraft interest rate
plus 6%, nominal per annum and compounded monthly.
The September Loan is a related party transaction pursuant to
Rule 13 of the AIM Rules for Companies. Gerrit Duminy, a director
of the Company, is the representative of ARC. Mike Nunn, a director
of the Company, is the beneficial owner of Kropz International SARL
("Kropz International"). ARC and Kropz International are treated as
acting in concert for the purposes of the City Code on Takeovers
and Mergers. Accordingly, neither has been involved in the approval
of the September Loan by the Company's board. The directors of the
Company, who are considered independent for the purposes of the
September Loan, having consulted with the Company's nominated
adviser, consider the terms of the September Loan to be fair and
reasonable insofar as the Company's shareholders are concerned.
The Company will provide further updates in due course.
For further information visit www.kropz.com or contact:
Kropz Plc Via Tavistock
+44 (0) 207 920
Mark Summers (CEO) 3150
Grant Thornton UK LLP Nominated Adviser
Samantha Harrison
Harrison Clarke
George Grainger +44 (0) 20 7383
Ciara Donnelly 5100
Hannam & Partners Broker
Andrew Chubb +44 (0) 20 7907
Ernest Bell 8500
Tavistock Financial PR
& IR (UK)
Emily Moss +44 (0) 207 920
Nick Elwes 3150
Adam Baynes kropz@tavistock.co.uk
R&A Strategic Communications PR (South Africa)
Charmane Russell +27 (0) 11 880
3924
charmane @rasc.co.za
About Kropz Plc
Kropz is an emerging African phosphate producer and developer
with phosphate projects in South Africa and 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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