Equity Facility Draw Down Update

RNS Number : 5782P

Kropz PLC

10 June 2020

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

10 June 2020

Kropz Plc

("Kropz" or the "Company")

Equity Facility Draw Down Update  

Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, advises that, further to the announcements on 13 and 29 May 2020, where Kropz entered into a conditional convertible equity facility of up to US$ 40 million (not exceeding a maximum of ZAR 680 million) ("Equity Facility") with the ARC Fund, the Company's major shareholder, it now expects to make its first draw down of the Equity Facility during the next week.

Following the passing of the required resolutions at the Company's General Meeting on 29 May 2020, the first drawn down was expected to take place on 10 June 2020. The slight postponement is due to administration delays in satisfying all of the conditions precendent to the Equity Facility.

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

Kropz Plc
Mark Summers (Interim CEO)	[phone]
Grant Thornton UK LLP ("GT")	Nominated Adviser
Richard Tonthat Samantha Harrison Niall McDonald	[phone]
Hannam & Partners ("H&P")	Joint Broker
Andrew Chubb Ernest Bell	[phone]
Mirabaud Securities Ltd ("Mirabaud")	Joint Broker
Rory Scott Edward Haig-Thomas	[phone] [phone]
Tavistock	Financial PR & IR (UK)
Emily Moss Jos Simson Oliver Lamb	[phone] [e-mail]
R&A Strategic Communications	PR (South Africa)
James Duncan	[phone] [e-mail]

About Kropz

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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