27th Oct 2015 15:05
LONDON (Alliance News) - African Potash Ltd said Tuesday its investment banking advisor Loita Capital Partners International has arranged an off-taker finance facility term sheet with Ecobank Malawi in respect to its fertiliser trading operations.
This term sheet indicates the bank will engage with African Potash' off-take partners, meaning buyers of its output, with the aim of providing finance through letters of credit, issued by the bank on behalf of off-takers in favour of African Potash.
"We are delighted, that with the guidance of our investment banker Loita, we have made these arrangements for our off-take partners. This represents achievement of a further milestone in the development of our fertiliser trading operations. We are grateful for this indication of support from Ecobank Malawi, which we hope will go a long way in assisting us in completing the roll out of our fertiliser trading operations," said Executive Chairman Chris Cleverly in a statement.
Shares in African Potash were up 15% at 2.50 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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