Information  X 
Enter a valid email address

Kropz PLC (KRPZ)

  Print   

Tuesday 16 February, 2021

Kropz PLC

Disposal of Aflao Project

RNS Number : 2580P
Kropz PLC
16 February 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.

16 February 2021

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

Disposal of Aflao Project

Kropz Plc (AIM: KRPZ) advises that, further to the announcement on 26 August 2020, where the Company stated that it had decided to divest its interests in Aflao, the phosphate project located in Ghana, the Company has agreed to sell its shareholding in First Gear Exploration Ltd ("First Gear Exploration"), a 50 per cent. + 1 Ordinary Share owned subsidiary of the Company, to Consortium Minerals Ltd ("Consortium") (the "Disposal"). As a result of the sale, Kropz will have no further interest in Aflao. 

Consortium is a subsidiary of Russell Brooks Ltd, who is a minority shareholder in First Gear Exploration, with a 15 per cent. shareholding prior to the Disposal.

Kropz is the beneficial owner and registered holder of 1,125,001 Ordinary Shares, representing its full 50 per cent. + 1 Ordinary Share interest in First Gear Exploration. The consideration for the sale of the Kropz interest in First Gear Exploration is:

· US$ 5,000 cash ("Share Consideration"); and

· US$ 322,529 ("Loan Consideration") deferred cash consideration in respect of the shareholder loan from Kropz to First Gear Exploration, which is being novated to Consortium.

The Share Consideration will be payable by Consortium within seven days of completion. The Loan Consideration will be payable by Consortium to Kropz upon, the earlier of,

(i)  the sign-off by a competent person of a definitive feasibility study on the Aflao deposit, as defined in the JORC Code 2012 edition; or

(ii)  Consortium disposing or transferring the Shares prior to the event described in (i) being achieved; or

(iii)  Consortium disposing or transferring the prospecting right prior to the event described in (i) being achieved.

This disposal allows the Company to focus on its strategy of developing the Elandsfontein phosphate project in South Africa and progressing the Hinda phosphate project in the Republic of Congo.

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

 

Kropz Plc

 

Mark Summers (CEO)

+27 (0)79744 8708

 

 

Grant Thornton UK LLP

Nominated Adviser

Samantha Harrison

Harrison Clarke

+44 (0) 20 7383 5100

George Grainger

 

 

 

Hannam & Partners

Broker

Andrew Chubb

Ernest Bell

 +44 (0)20 7907 8500

 

Tavistock

Financial PR & IR (UK)

Emily Moss

Jos Simson

Oliver Lamb

+44 (0) 207 920 3150

[email protected]

 

R&A Strategic Communications

PR (South Africa)

James Duncan

+27 (0)11 880 3924

[email protected] 

 

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-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DISFLFSIFRIRLIL

a d v e r t i s e m e n t