7th Nov 2024 14:11
Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Requests the Australian Securities Exchange and the Johannesburg Stock Exchange to immediately halt trading in its shares, pending the formal signing of the engineering, procurement and construction contract. Late last month, Kore reached agreement with PowerChina International Group Ltd, finalising the engineering, procurement and construction contract. It said at the time that Kore and PowerChina were working towards convening a date, set for November 19, for the signing ceremony with the minister of mines and other high officials in Congo.
Due to the trading halt, Kore will apply for new 25.4 million shares to be admitted to trade on the London Stock Exchange's AIM, the JSE and ASE on or around November 18 rather than Monday next week. Kore said on Tuesday this week it had raised approximately USD900,000 through the issue of 25.4 million new shares. Certain existing shareholders, as well as new institutional and high net worth investors took part in the share subscription at 2.76 pence a share. The net proceeds from the fundraise would be used to further advance the work that is expected to lead to the signing of an engineering, procurement and construction contract.
Current stock price in Johannesburg: 77 rand cents
12-month change: multiplied from 12 cents on November 8, 2023
Current stock price in London: 3.50 pence, up 7.7%
12-month change: multiplied from 0.45p on November 7, 2023
By Artwell Dlamini, Alliance News reporter
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