REG - Kore Potash PLC - Statement re. Suspension

Kore PotashAnnouncement

01/05/2025 08:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250501:nRSA0099Ha&default-theme=true

RNS Number : 0099H  Kore Potash PLC  01 May 2025

1 May 2025

 

KORE POTASH PLC

("Kore Potash" or "the Company")

Suspension of Trading
Draft non-binding financing Term-Sheet received

 

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, announces that further to the Company's request to the Australian
Securities Exchange ("ASX") on 29 April 2025 to halt trading in the Company's
securities quoted on the ASX to facilitate the review, negotiations and
agreement of the draft financing proposal and associated draft non-binding
Term Sheets ("Term Sheets") for the Kola Project, as received from the Summit
Consortium ("Consortium") on 28 April 2025, the Company is unable to comply
with the timeline imposed by the ASX in announcing details under the Term
Sheets. The ASX is of the view that the Company received the Terms Sheets,
details of which it should be able to announce. The Company is however not
able to comply with this requirement at present given the nature and contents
of the Term Sheet, and ongoing review and negotiation thereof.

 

As the Company is unable to comply with this requirement before market open on
1 May 2025, ASX imposed a suspension on trading ("Suspension") in the
Company's quoted securities under ASX Listing Rule 17.3, with the Suspension
remaining in place until the details, or otherwise, of the Term Sheets are
announced. The Company notes that the Term Sheets allow a period up to 31 May
2025, unless otherwise agreed, to review, negotiate and agree formal terms.

 

The JSE Limited ("JSE") in accordance with their rules has indicated that the
halt in trading ("Trading Halt") in the Company's shares quoted on the JSE
will not continue and has subsequently ended. Shareholders on the JSE are
advised that the full impact of the finalised, agreed and executed Term Sheets
when concluded may have a material effect on the price of the Company's
shares. Accordingly, shareholders on the JSE are advised to exercise caution
when dealing in the Company's shares until full disclosure regarding the
finalised, agreed and executed Term Sheets is made.

 

The Company's securities will accordingly not be traded on the ASX whilst the
Suspension remains in place.

 

Trading in the Company's ordinary securities will continue to trade as normal
on AIM, a market operated by the London Stock Exchange, and on the JSE during
this period.

 

The full version of the ASX announcement can be seen here:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02942182-6A1262868&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02942182-6A1262868&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4)

 

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    Emily Moss                       Tel: +44 (0) 20 7920 3150

 SP Angel Corporate Finance - Nomad and Broker  Tel: +44 (0) 20 7470 0470

 Ewan Leggat

 Charlie Bouverat

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

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

 Doné Hattingh

 

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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  SRSEAKSFEFSSEEA