REG - Kropz PLC - Equity Facility Draw Down

KropzAnnouncement

07/03/2022 07:00

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RNS Number : 7475D  Kropz PLC  07 March 2022

7 March 2022

Kropz Plc

("Kropz" or the "Company")

 

Equity Facility Draw Down

 

Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer,
is pleased to confirm that it has made a further quarterly draw down request
under one of the equity facilities with its major shareholder, the ARC Fund
("ARC").  The Company had/has three equity facilities with ARC:

-      the first being for an amount of US$ 40 million (which cannot
exceed ZAR 680 million), as announced on 13 May 2020 ("Original Equity
Facility");

-      the second for an amount of up to US$ 5 million (which cannot
exceed ZAR 85 million), as announced on 26 February 2021 ("New Equity
Facility"); and

-      the third for a total commitment of up to ZAR 200 million to be
provided by ARC, as announced on 29 September 2021 ("New ZAR Equity
Facility").

 

As announced on 7 September 2021, the Original Equity Facility is fully drawn
down. In accordance with the terms of the Original Equity Facility, any fees
associated with the bank guarantee provided by ARC, would be settled by the
issue of new ordinary shares to ARC. ARC notified the Company that the final
guarantee fees due to ARC amounted to US$311,733. These fees will be settled
by the issue of 3,971,712 new ordinary shares at the issue price of 6.75 pence
per share to ARC on 10 March 2022.

 

In addition, the Company has made the fifth and final draw down request of US$
200,000 under the New Equity Facility. This draw down will be settled by the
issue of 3,474,536 new ordinary shares at the issue price of 4.20 pence per
share to ARC on 10 March 2022. The proceeds drawn down from the New Equity
Facility will be utilised for general corporate purposes.

 

To date ZAR 127 million has been drawn down on the New ZAR Equity Facility.
The remaining ZAR 73 million can be drawn down by the Company, at the sole
discretion of ARC.

 

Admission and Total Voting Rights

 

Application will be made for the 7,446,248 new ordinary shares to admission to
trading on the AIM Market of the London Stock Exchange ("AIM"). It is expected
that admission will become effective and that dealings in the new ordinary
shares will commence at 8.00 a.m. on 10 March 2022 ("Admission").

 

On Admission, the Company's issued share capital will consist of 923,718,223
ordinary shares with voting rights. There are no shares held in treasury. This
figure may be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest in, or a
change of their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

Change in Shareholding

 

Following issue of the 7,446,248 new ordinary shares, ARC will be directly
interested in 768,339,330 ordinary shares of the Company representing 83.2 per
cent. of the issued share capital.

 

In addition, ARC holds call options over certain shares held by Kropz
International S.a.r.l as set out in the announcement on 26 February 2021.

 

 

For further information visit www.kropz.com (http://www.kropz.com/)  or
contact:

 

 Kropz Plc
 Mark Summers (CEO)                +27 (0) 79 744 8708

 Grant Thornton UK LLP             Nominated Adviser
 Samantha Harrison                 +44 (0) 20 7383 5100

 Harrison Clarke

 George Grainger

 Ciara Donnelly

 Hannam & Partners                 Broker
 Andrew Chubb                       +44 (0) 20 7907 8500

 Ernest Bell

 Tavistock                         Financial PR & IR (UK)
 Nick Elwes                        +44 (0) 207 920 3150

 Jos Simson                        kropz@tavistock.co.uk

 Oliver Lamb

 R&A Strategic Communications      PR (South Africa)
 James Duncan                      +27 (0) 11 880 3924

                                   james@rasc.co.za

 

About Kropz Plc

Kropz is an emerging African explorer and developer of plant nutrient feed
minerals with phosphate projects in South Africa and 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-

 

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