REG - Kore Potash PLC - Announcement of Fundraise

Kore PotashAnnouncement

05/11/2024 11:30

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RNS Number : 0208L  Kore Potash PLC  05 November 2024

5 November 2024

 

KORE POTASH PLC

("Kore Potash" or "the Company")

Fundraise of US$900,000

 

Kore Potash plc, the potash development company with 97% ownership of the Kola
and DX Potash Projects in the Sintoukola Basin, located in the Republic of
Congo, is pleased to announce the successful completion of a share
subscription (the "Fundraise"), which has raised approximately  US$900,000
through the issue of 25,441,268 new ordinary shares of US$0.001 each in the
Company ("Subscription Shares") to certain existing shareholders as well as
new institutional and high net worth investors at a price of  2.76 pence per
Subscription Share ("Subscription Price") representing a 15% discount to the
closing mid-market price of the Company's shares of 3.25 pence on Friday 1(st)
November  2024.

 

The net proceeds from the Fundraise will be used to further advance the work
that is expected to lead to the signing of an EPC contract for the Kola Potash
Project and provide working capital for Kore Potash.

 

David Hathorn, Chairman, was unable to take part in the Fundraise as he is
considered by the Company to be in possession of unpublished inside
information.

 

Application for admission

The Subscription Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with the existing issued ordinary shares. This
includes the right to receive all dividends and other distributions declared
or paid in respect of such ordinary shares after the date of issue of the new
ordinary shares. Kore Potash advises that application will be made for the
admission of 25,441,268 Subscription Shares to trading on AIM, the
Johannesburg Stock Exchange and the Australian Securities Exchange with
admission expected to take place on 11 November 2024.

 

Total voting rights

Following the issue of the Subscription Shares, the Company's total issued
share capital will consist of 4,377,869,961 ordinary shares of US$0.001 each.
No shares are held in treasury. Accordingly, the total number of voting rights
in the Company will be 4,377,869,961.

 

The above figure may be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the share capital
of the Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

 

The Subscription Shares will be issued within the Company's existing ASX
Listing Rule 7.1 capacity. The Company can confirm that none of the
Subscription Shares are being issued to a party noted in ASX Listing Rule
10.11.

 

Mr Andre Baya, CEO of Kore Potash said:

 

"We are very pleased with the support from our existing shareholders as well
as of our new investors that we have continued to see.  This is a very
exciting and significant time for the Company as we look to progress the Kola
Potash Project towards signing the EPC contract.

 

We look forward to providing further updates in due course."

 

 

Market Abuse Regulation

Market Abuse Regulation (MAR) Disclosure - The information contained within
this announcement is deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014 which has been
incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via Regulatory Information Service ("RIS"),
this inside information is now considered to be in the public domain.

 

The Company will also lodge an Appendix 3B Proposed issue of securities, with
the ASX notifying of the proposed issues.

 

This announcement has been approved for release by the Board.

 

For further information, please visit www.korepotash.com
(http://www.korepotash.com/) or contact:

 

 Kore Potash

 Andre Baya, CEO
 Andrey Maruta, CFO                                         Tel: +44 (0) 20 3963 1776
 Tavistock Communications

 Nick Elwes Josephine Clerkin                               Tel: +44 (0) 20 7920 3150
 SP Angel Corporate Finance - Nomad and Broker Ewan Leggat  Tel: +44 (0) 20 7470 0470

 Charlie Bouverat

 Grant Barker
 Shore Capital - Joint Broker Toby Gibbs                    Tel: +44 (0) 20 7408 4050

 James Thomas
 Questco Corporate Advisory - JSE Sponsor Doné Hattingh     Tel: +27 63 482 3802

 

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