Kropz PLC Update on New Convertible Facility Agreement (0995H)
21 Novembre 2022 - 2:45PM
UK Regulatory
TIDMKRPZ
RNS Number : 0995H
Kropz PLC
21 November 2022
21 November 2022
Kropz Plc
("Kropz" or the "Company")
Update on New Convertible Facility Agreement
Kropz Plc (AIM: KRPZ), an emerging African phosphate producer
and developer, announced on 14 November 2022 that it had entered
into a new conditional convertible equity facility of up to ZAR 550
million ("ZAR 550 Million Equity Facility"), with ARC Fund, the
Company's major shareholder, in order to progress the ramp-up of
operations at the Company's Elandsfontein phosphate project in
South Africa. In addition, the funding would also provide working
capital to the Company for general corporate purposes and further
funding, of approximately US$ 1 million for working capital and
early site works, at the Hinda project in the Republic of the
Congo.
Further to that announcement, the Company is pleased to report
that it received approval from the South African Reserve Bank for
the ZAR 550 Million Equity Facility today.
The ZAR 550 Million Equity Facility is now conditional on Kropz
shareholder approval on 30 November 2022. The first drawdown is
expected to be made on 1 December 2022.
Further announcements will be made in due course.
For further information visit www.kropz.com or contact:
Kropz Plc
Mark Summers (CEO) +27 (0) 79 744 8708
Grant Thornton UK LLP Nominated Adviser
Samantha Harrison
Harrison Clarke
George Grainger
Ciara Donnelly +44 (0) 20 7383 5100
Hannam & Partners Broker
Andrew Chubb
Ernest Bell +44 (0) 20 7907 8500
Tavistock Financial PR & IR
(UK)
Nick Elwes +44 (0) 207 920 3150
Jos Simson kropz@tavistock.co.uk
Emily Moss
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 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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