REG - Kore Potash PLC - Draft non-binding financing Term Sheet received

Kore PotashAnnouncement

Mon 15:30

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RNS Number : 4855G  Kore Potash PLC  28 April 2025

28 April 2025

 

Kore Potash Plc

("Kore Potash" or the "Company")

Draft non-binding financing Term Sheet received

 

Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2, A2X: KP2), the potash development
company with 97% ownership of the Kola Potash Project ("Kola" or the "Kola
Project") and Dougou Extension ("DX") Potash Project in the Sintoukola Basin,
located in the Republic of Congo ("RoC"), is pleased to announce that, in line
with previous communications, it has today received the draft financing
proposal and associated draft non-binding term sheets ("Term Sheets") for the
Kola Project, from the Summit Consortium ("Consortium").

 

The draft financing proposal and associated Term Sheets are comprehensive and
cover the full funding requirement for the development of the Kola Project,
underpinned by a combination of royalty and project finance components. Kore
Potash has until 31 May 2025 to consider, negotiate if necessary and settle on
the terms, following which more specific and definitive information, as
appropriate, will be shared with the market.

 

The parties have agreed that no details of the proposed financing will be
disclosed until the initial terms set out in the Term Sheets have been
finalised, agreed and executed.

 

The Company retains the right not to accept any finance proposal presented by
the Consortium and there is no guarantee that any final proposal or legally
binding agreement will be forthcoming. The Company provides no assurance to
shareholders that the Consortium will provide the financing required on terms
which are deemed acceptable to the Company. If the Consortium does not provide
an acceptable financing package leading to binding legal documentation being
entered into, the Company will need to explore other debt, equity and
structured finance alternatives

 

Further details about the financing arrangements will be notified to the
market in accordance with the Company's continuous disclosure obligations.

 

Enquiries:

 

 Kore Potash                               Tel: +44 (0) 20 3963 1776

 Andre Baya - CEO
 Andrey Maruta - CFO

 SP Angel - Nomad and Joint Broker         Tel: +44 (0) 20 7470 0470
 Ewan Leggat

 Charlie Bouverat

 Grant Barker

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

 James Thomas
 Tavistock Communications                  Tel: +44 (0) 20 7920 3150
 Emily Moss

 Nick Elwes

 Questco Corporate Advisory - JSE Sponsor  Tel: +27 (63) 482 3802

 Done Hattingh

 

 

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