Drawdown on Equity Facility

RNS Number : 6957R

Kropz PLC

07 July 2022

 

7 July 2022

Kropz Plc

("Kropz" or the "Company")

Drawdown on Equity Facility

Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, announced on 11 May 2022 that it had entered into a new conditional convertible equity facility of up to ZAR 177 million ("ZAR 177 Million Equity Facility"), with ARC Fund ("ARC"), the Company's major shareholder, in order to deliver the Company's Elandsfontein phosphate project to first revenue. 

The first drawdown on the ZAR 177 Million Equity Facility of ZAR 103.5 million was made on 2 June 2022. The bridge loan of ZAR 25 million, as announced on 27 April 2022 was set off against the first draw down amount and the net amount of ZAR 78.5 million was received by the Company from ARC.

The second drawdown on the ZAR 177 Million Equity Facility of ZAR 60 million was made on 7 July 2022. ZAR 13.5 million remains to be drawn down on the ZAR 177 Million Equity Facility.

For further information visit   www.kropz.com  or contact:

Kropz Plc
Mark Summers (CEO)	[phone]
Grant Thornton UK LLP	Nominated Adviser
Samantha Harrison Harrison Clarke George Grainger Ciara Donnelly	[phone]
Hannam & Partners	Broker
Andrew Chubb Ernest Bell	[phone]
Tavistock	Financial PR & IR (UK)
Nick Elwes Jos Simson Emily Moss	[phone] [e-mail]
R&A Strategic Communications	PR (South Africa)
James Duncan	[phone] [e-mail]

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.

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