Kropz PLC Disposal of Aflao Project (2580P)
16 February 2021 - 9:50PM
UK Regulatory
TIDMKRPZ
RNS Number : 2580P
Kropz PLC
16 February 2021
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
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16 February 2021
Kropz Plc
("Kropz" or the "Company")
Disposal of Aflao Project
Kropz Plc (AIM: KRPZ) advises that, further to the announcement
on 26 August 2020, where the Company stated that it had decided to
divest its interests in Aflao, the phosphate project located in
Ghana, the Company has agreed to sell its shareholding in First
Gear Exploration Ltd ("First Gear Exploration"), a 50 per cent. + 1
Ordinary Share owned subsidiary of the Company, to Consortium
Minerals Ltd ("Consortium") (the "Disposal"). As a result of the
sale, Kropz will have no further interest in Aflao.
Consortium is a subsidiary of Russell Brooks Ltd, who is a
minority shareholder in First Gear Exploration, with a 15 per cent.
shareholding prior to the Disposal.
Kropz is the beneficial owner and registered holder of 1,125,001
Ordinary Shares, representing its full 50 per cent. + 1 Ordinary
Share interest in First Gear Exploration. The consideration for the
sale of the Kropz interest in First Gear Exploration is:
-- US$ 5,000 cash ("Share Consideration"); and
-- US$ 322,529 ("Loan Consideration") deferred cash
consideration in respect of the shareholder loan from Kropz to
First Gear Exploration, which is being novated to Consortium.
The Share Consideration will be payable by Consortium within
seven days of completion. The Loan Consideration will be payable by
Consortium to Kropz upon, the earlier of,
(i) the sign-off by a competent person of a definitive
feasibility study on the Aflao deposit, as defined in the JORC Code
2012 edition; or
(ii) Consortium disposing or transferring the Shares prior to
the event described in (i) being achieved; or
(iii) Consortium disposing or transferring the prospecting right
prior to the event described in (i) being achieved.
This disposal allows the Company to focus on its strategy of
developing the Elandsfontein phosphate project in South Africa and
progressing the Hinda phosphate project in the Republic of
Congo.
For further information visit www.kropz.com or contact:
Kropz Plc
Mark Summers (CEO) +27 (0)79744 8708
Grant Thornton UK LLP Nominated Adviser
Samantha Harrison
Harrison Clarke +44 (0) 20 7383 5100
George Grainger
Hannam & Partners Broker
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Tavistock Financial PR & IR (UK)
Emily Moss +44 (0) 207 920 3150
Jos Simson kropz@tavistock.co.uk
Oliver Lamb
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 phosphate explorer and developer,
with an advanced stage phosphate project in South Africa and a
phosphate project 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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