17th Apr 2015 06:48
LONDON (Alliance News) - African Potash Ltd on Friday said it will raise around GBP1.2 million via a share placing in order to repay its convertible loan deal with Bergen Opportunity Fund LP and for working capital purposes.
The fundraising will be conducted in two tranches, with a first issue of 216.7 million shares and a second of 188.3 million shares, all to be issued at 0.3 pence per share. The stock closed Thursday at 0.367p.
It will use the money to repay its convertible loan deal with Bergen, on which it currently owes around USD974,000. The remainder will be used for working capital purposes.
By Sam Unsted; [email protected]; @SamUAtAlliance
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