Equity Facility Draw Down

RNS Number : 9895H

Kropz PLC

09 December 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.

9 December 2020

Kropz Plc
("Kropz" or the "Company")

Equity Facility Draw Down

Kropz Plc (AIM: KRPZ) is pleased to confirm that it has made its third quarterly draw down request under the equity facility with Kropz's major shareholder, the ARC Fund. The equity facility is for an amount of US$ 40 million (which cannot exceed ZAR 680 million) as announced on 13 May 2020 ("Equity Facility").  

The third draw down is for US$ 5 million which will be paid by way of issue of 63,703,704 new ordinary shares at the issue price of 6.75 pence per ordinary share to the ARC Fund on 10 December 2020. The next draw down of the Equity Facility is expected to be made on or about 10 March 2021 and quarterly thereafter, in line with the terms of the Equity Facility.

The proceeds from the drawn down will be applied to the continuing workstreams at the Elandsfontein Phosphate Project. The Company will release a full operational update on progress in January 2021.

Admission and Total Voting Rights

Application will be made for the 63,703,704  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 December 2020.

On Admission, the Company's issued share capital will consist of 558,627,558 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  63,703,704  of new ordinary shares, the ARC Fund will be directly interested in 409,948,665 ordinary shares of the Company representing 73.4 per cent. of the issued share capital.

In addition, the ARC Fund holds call options over certain shares held by Kropz International S.a.r.l as set out in the announcement on 13 May 2020.

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	[phone]
Hannam & Partners	Broker
Andrew Chubb Ernest Bell	[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 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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