REG - Kropz PLC - Update on New Convertible Facility Agreement

KropzAnnouncement

21/11/2022 14:00

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RNS Number : 0995H  Kropz PLC  21 November 2022

21 November 2022

Kropz Plc

("Kropz" or the "Company")

Update on New Convertible Facility Agreement

Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer,
announced on 14 November 2022 that it had entered into a new conditional
convertible equity facility of up to ZAR 550 million ("ZAR 550 Million Equity
Facility"), with ARC Fund, the Company's major shareholder, in order to
progress the ramp-up of operations at the Company's Elandsfontein phosphate
project in South Africa. In addition, the funding would also provide working
capital to the Company for general corporate purposes and further funding, of
approximately US$ 1 million for working capital and early site works, at
the Hinda project in the Republic of the Congo.

Further to that announcement, the Company is pleased to report that it
received approval from the South African Reserve Bank for the ZAR 550 Million
Equity Facility today.

The ZAR 550 Million Equity Facility is now conditional on Kropz shareholder
approval on 30 November 2022. The first drawdown is expected to be made on 1
December 2022.

Further announcements will be made in due course.

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

 Emily Moss

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

                                   charmane@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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