REG - Kropz PLC - Update on New Convertible Facility Agreement

KropzAnnouncement

06/06/2022 07:01

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RNS Number : 6764N  Kropz PLC  06 June 2022

6 June 2022

Kropz Plc

("Kropz" or the "Company")

Update on New Convertible Facility Agreement

Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer,
announced on 11 May 2022 that it had entered into a new conditional
convertible equity facility of up to ZAR 177 million ("ZAR 177 Million Equity
Facility"), with ARC Fund ("ARC"), the Company's major shareholder, in order
to deliver the Company's Elandsfontein phosphate project to first revenue.

Further to that announcement, the Company is pleased to report that it
received approval from the South African Reserve Bank ("SARB") for the ZAR 177
Million Equity Facility on 2 June 2022. Shareholder approval for the ZAR 177
Million Equity Facility was received on 30 May 2022.

The ZAR 177 Million Equity Facility is now unconditional and the first
drawdown of ZAR103,500,000 was made on 2 June 2022. The bridge loan of ZAR 25
million, as announced on 27 April 2022 will be set off against the first draw
down amount and the net amount of ZAR78,500,000 will be received by the
Company from ARC, in respect of the first draw down.

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 producer and developer of plant nutrient feed
minerals with phosphate projects in South Africa and in 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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