Kropz PLC Equity Facility Draw Downs (9240Q)
03 March 2021 - 6:00PM
UK Regulatory
TIDMKRPZ
RNS Number : 9240Q
Kropz PLC
03 March 2021
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
3 March 2021
Kropz Plc
("Kropz" or the "Company")
Equity Facility Draw Downs
Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer
and developer, is pleased to confirm that it has made its quarterly
draw down request under the equity facility with Kropz's major
shareholder, the ARC Fund ("ARC") . The Company has two equity
facilities, with the first being for an amount of US$ 40 million
(which cannot exceed ZAR 680 million) as announced on 13 May 2020
("Original Equity Facility") and the second for an amount of up to
US$ 5 million (which cannot exceed ZAR 85 million) ("New Equity
Facility"), as announced on 26 February 2021 .
The fifth draw down under the Original Equity Facility is for
US$ 7 million which will be settled by the issue of 89,185,185 new
ordinary shares at the issue price of 6.75 pence per share to ARC
on 10 March 2021.
In addition, the Company has made an initial draw down request
of US$ 2 million under the New Equity Facility. This draw down will
be settled by the issue of 34,745,359 new ordinary shares at the
issue price of 4.20 pence per share to ARC on 10 March 2021.
The next draw downs under both equity facilities are expected to
be made on or about 10 June 2021 and quarterly thereafter, in line
with the terms of the Original and New Equity Facility.
The proceeds drawn down from the Original and New Equity
Facilities will be applied to the continuing workstreams on the
Elandsfontein and Hinda projects. The Company will provide further
updates on project progress in Q2 2021.
Admission and Total Voting Rights
Application will be made for the 123,930,544 new ordinary shares
to admission to trading on the AIM Market of the London Stock
Exchange ("AIM"). It is expected that admission will become
effective and that dealings in the new ordinary shares will
commence at 8.00 a.m. on 10 March 2021 ("Admission").
On Admission, the Company's issued share capital will consist of
682,558,102 ordinary shares with voting rights. There are no shares
held in treasury. This figure may be used by shareholders as the
denominator for the calculations by which they determine if they
are required to notify their interest in, or a change of their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Change in Shareholding
Following issue of the 123,930,544 new ordinary shares, ARC Fund
will be directly interested in 533,879,209 ordinary shares of the
Company representing 78.2 per cent. of the issued share
capital.
In addition, ARC Fund holds call options over certain shares
held by Kropz International S.a.r.l as set out in the announcement
on 26 February 2021.
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 +44 (0) 20 7383 5100
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 mining 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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