Kropz PLC Draw down on new convertible equity facility (2621I)
01 Décembre 2022 - 11:43AM
UK Regulatory
TIDMKRPZ
RNS Number : 2621I
Kropz PLC
01 December 2022
1 December 2022
Kropz Plc
("Kropz" or the "Company")
Draw down on new convertible equity facility
Kropz plc (AIM: KRPZ) is pleased to confirm that today it has
made its first draw down request under the new ZAR 550 million
convertible equity facility from the Company's largest shareholder,
ARC Fund ("ZAR 550 Million Equity Facility") , as announced on 14
November 2022 .
As announced on 9 August 2022, Kropz, Kropz Elandsfontein (Pty)
Ltd ("Elandsfontein") and ARC Fund agreed to a ZAR 121.5 million
(approximately US$ 7.1 million) bridge loan facility ("Loan 1") to
meet immediate cash requirements at Elandsfontein. Loan 1 is fully
drawn at the date of this announcement.
As further announced on 30 September 2022, Kropz, Kropz
Elandsfontein and ARC Fund agreed to a further ZAR 126 million
(approximately US$ 7.4 million) bridge loan facility ("Loan 2") to
meet further funding requirements at Elandsfontein due to further
delays in the ramp-up of operations at Elandsfontein. Loan 2 is
fully drawn at the date of this announcement.
Loan 1 and Loan 2 will be set off against the first draw down
amount under the ZAR 550 Million Equity Facility.
The first draw down is for ZAR 307.5 million (approximately US$
18.1 million), which comprises:
-- Set-off of Loan 1 and Loan 2 of ZAR 247.5 million;
-- ZAR 10 million for Kropz Plc's general corporate purposes and
funding for the ongoing running costs of the Hinda project; and
-- ZAR 50 million in respect of working capital for Elandsfontein.
ZAR 242.5 million remains available for drawdown over the term
of the ZAR 550 Million Equity Facility.
The next draw down of the ZAR 550 Million Equity Facility is
expected to be made on or about 23 December 2022 and monthly
thereafter, if required, in line with the terms of the ZAR 550
Million Equity Facility.
ARC Fund has the right, at any time, to convert any outstanding
amount under the ZAR 550 Million Equity Facility into new ordinary
shares in Kropz Plc.
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-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFSFFSFEESELE
(END) Dow Jones Newswires
December 01, 2022 05:43 ET (10:43 GMT)
Kropz (LSE:KRPZ)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Kropz (LSE:KRPZ)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024