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Exercise of Warrants and Issue of Shares
African Potash Limited, the AIM listed African exploration company, has announced that on 28 September 2015 Cornhill Capital Limited exercised its remaining 10 million warrants to subscribe for new Ordinary Shares in the capital of the Company at an exercise price of 0.3p per share (further details of the warrants are contained in the Company’s announcement of 17 April 2015).
Accordingly the Company will be issuing 10,000,000 new Ordinary Shares.
Application has been made for the New Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to trading on AIM. Admission is expected to be effective from 8.00 a.m. on or around 2 October 2015.
The Company has no Ordinary Shares held in treasury. The total number of voting rights in the Company following the issue of the New Shares will therefore be 776,733,946 (of which the New Shares will represent 1.29%). This 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 FCA’s Disclosure and Transparency Rules.
African Potash Executive Chairman Chris Cleverly said, “We are delighted with the continued support of Cornhill. Due to the wide distribution within the client base, their exercise of African Potash warrants will increase our shareholder reach. Going forward, our focus remains centred on building value as we continue to develop our vertically integrated fertiliser operations in Africa.”
Andrew Frangos of Cornhill said, “Following our recent investment into African Potash through the exercise of 10 million warrants earlier this month, we are delighted to further strengthen our holding in African Potash by exercising our remaining warrants at this time. African Potash continues to make rapid progress in the roll-out of its strategy to become a vertically integrated provider of fertiliser and we look forward to following and supporting the Company’s progress.”
