REG - Kore Potash PLC - Fundraise of US$10.6m – Chairman’s participation

Kore PotashAnnouncement

02/04/2025 07:00

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RNS Number : 2166D  Kore Potash PLC  02 April 2025

02 April 2025

 

Kore Potash Plc

("Kore Potash" or the "Company")

Fundraise of US$10.6 million - Chairman's participation

 

Kore Potash, the potash exploration and development company whose flagship
asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Kola
Project"), located within the Republic of Congo ("RoC"), is pleased to
announce that, following the publication of the Company's 2024 Annual Report,
the restriction of the Company's Directors and senior management from trading
in the Company's shares has ceased and David Hathorn, Chairman, will now
subscribe for new ordinary shares of US$0.001 each in the Company ("New
Ordinary Shares").

 

Chairman's Participation in the Fundraise

 

As outlined in the announcement dated 21 March 2025, David Hathorn will now
subscribe for new Ordinary Shares at a price of 1.7 pence per share (the
"Placing Price") for a total consideration of US$0.5 million (£0.38 million)
via two separate trusts, the Belle Terre Trust and Stapleford Trust (the "PDMR
Subscription"). The trusts are associated with David Hathorn, a related party
of the Company as defined by AIM Rule 13 and ASX Listing Rule 10.11.1., with
11,322,464 new ordinary Shares of US$0.001 in the Company being issued to the
Belle Terre Trust and 11,322,464 new ordinary Shares of US$0.001 in the
Company being issued to the Stapleford Trust, resulting in 22,644,928 new
ordinary shares being issued in aggregate. Participation by the trusts will be
deemed as a related party transaction for the purposes of ASX Listing Rule
10.11.1 and accordingly require relevant shareholder approvals at a General
Meeting, the details of which will be advised in due course.

The Proposed PDMR Subscription would provide US$0.5m of additional working
capital in addition to the funds raised through the Placing and Subscription
as detailed in the 21 March 2025 announcement.

 

As noted in the 21 March 2025 announcement, David Hathorn is a director of the
Company and the PDMR Subscription is deemed to constitute a related party
transaction for the purposes of AIM Rule 13. The directors of the Company,
other than David Hathorn, having consulted with the Company's nominated
adviser, SP Angel Corporate Finance LLP, consider that the terms of the PDMR
Subscription are fair and reasonable insofar as shareholders of the Company
are concerned.

 

This announcement has been approved by the Board of Kore Potash plc.

 

 

Enquiries:

 

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

 Andre Baya - CEO
 Andrey Maruta - CFO

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

 Charlie Bouverat

 Shore Capital - Joint Broker and Joint Bookrunner     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

 

Notification of transaction by Person Discharging Managerial
Responsibilities ("PDMR")

 

 1            Details of the person discharging managerial responsibilities/person
              closely associated
 a)           Name                                                         Belle Terre Trust
 2            Reason for the notification
 a)           Position/status                                              A Trust closely associated with David Hathorn, Chairman

                                                                           and PDMR
 b)           Initial notification/Amendment                               ●
 3            Details of the issuer, emission allowance market participant, auction
              platform, auctioneer or auction monitor
 a)           Name                                                         Kore Potash Plc
 b)           LEI                                                          213800NWX7EHG4UVC107
 4            Details of the transaction(s): section to be repeated for (i) each type of
              instrument; (ii) each type of transaction; (iii) each date; and (iv) each
              place where transactions have been conducted
 a)           Description of the financial instrument, type of instrument  Ordinary Shares of US$0.001 each

                                                                           ●

              Identification code

                                                                           GB00BYP2QJ94
 b)           Nature of the transaction                                    Conditional Subscription for 11,322,464 ordinary shares of US$0.001 each.
 c)           Price(s) and volume(s)                                       Price: 1.7 pence

                                                                           Volume: 11,322,464
 d)           Aggregated information                                       Price: 1.7 pence

                                                                           Volume: 11,322,464
 e)           Date of the transaction                                      02 April 2025
 ·    f)      Place of the transaction                                     London Stock Exchange

 

 1   Details of the person discharging managerial responsibilities/person
     closely associated
 a)  Name                                    Stapleford Trust
 2   Reason for the notification
 a)  Position/status                         A Trust closely associated with David Hathorn, Chairman

                                             and PDMR
 b)  Initial notification/Amendment          Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                    Kore Potash Plc
 b)  LEI                                     213800NWX7EHG4UVC107
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted

 a)  Description of the financial instrument, type of instrument  Ordinary Shares of US$0.001 each

                                                                  ●

     Identification code                                          ●

                                                                  GB00BYP2QJ94
 b)  Nature of the transaction                                    Conditional Subscription for 11,322,464 ordinary shares of US$0.001 each.
 c)  Price(s) and volume(s)                                       Price: 1.7 pence

                                                                  Volume: 11,322,464
 d)  Aggregated information                                       Price: 1.7 pence

                                                                  Volume: 11,322,464
 e)  Date of the transaction                                      02 April 2025
 f)  Place of the transaction                                     London Stock Exchange

 

 

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