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African Potash Ltd. (AFPO)

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Monday 17 July, 2017

African Potash Ltd.

Subscription and Appointment of Corporate Advisor

African Potash Ltd. (AFPO)
African Potash Ltd.: Subscription and Appointment of Corporate Advisor

17-Jul-2017 / 16:45 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


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

 

17 July 2017

 

AFRICAN POTASH LIMITED

("African Potash" or the "Company")

 

Subscription and Appointment of Corporate Advisor

 

African Potash, is pleased to announce:

 

  • a subscription to raise £50,000 before expenses (the 'Subscription'), pursuant to which, the Company will issue 111,111,111 new ordinary shares of no par value (the 'Subscription Shares') at a price of 0.045 pence per new ordinary share; and
  • the appointment of Alexander David Securities Limited as the Company's as the Company's NEX Exchange Corporate Adviser effect from 13 July 2017 (the 'Appointment'). Once the Appointment takes effect, the Company will work to have the current suspension of trading in the Company's shares on the NEX Exchange Growth Market lifted; further announcements will be made in this regard in due course.

 

In addition to issuing the Subscription Shares as part of the Subscription the Company has agreed to issue 111,111,111 warrants to subscribe for new ordinary shares in the Company under a warrant instrument to be constituted by the Company, with an exercise price of 0.045p and a term of 90 days from the date on which the suspension on trading in the Company's shares on the NEX Exchange Growth Market is lifted.

 

The proceeds from the Subscription will be used towards creditor settlements, general working capital and towards further efforts to develop the company's trading operations in Africa, primarily focussed on Zambia at this time. 

 

The Subscription Shares, which amount to 5.59% of the enlarged issued share capital of the Company immediately after the Subscription, were issued on 14 July 2017.  The Subscription Shares rank pari passu with the existing ordinary shares.

 

Following the issue of the Subscription Shares and the Fee Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 1,987,223,583 ordinary shares of no par value in issue each with voting rights.  The Company does not hold any shares in treasury.  The above figure of 1,987,223,583 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

African Potash Executive Chairman, Chris Cleverly, said: "This is great news for everyone involved with our business - from African farmer through to investor. This cash injection will help underpin the long-term viability of our business strategy and gives us the capital to make real progress. The appointment of Alexander David Securities as advisers allows us to work at regaining our listing on the NEX Exchange Growth Market. We are delighted that they will be working with us on the next phase of our development."

 

The Directors of the Company accept responsibility for the content of this announcement.

 

 

For further information, please contact:

 

African Potash Limited

 

Chris Cleverly

+44 (0) 20 7408 9200

 

 

 



Language: English
ISIN: GG00B4QYTJ50
Category Code: MSCM
TIDM: AFPO
Sequence No.: 4424

 
End of Announcement EQS News Service

593383  17-Jul-2017 

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