19th Jun 2020 17:32
Kropz PLC - plant nutrient feed minerals developer - extended further time and date for receipt of completed application forms and payment in full under the open offer until 1100 BST on Friday next week. On May 13, Kropz entered into a conditional convertible equity facility of up to USD40 million with the ARC Fund, the company's major shareholder. It now expects to make its first draw down of the equity facility during the course of the next week. The open offer closing date and the first draw down of the equity facility have been extended as the company continues to face administrative delays in satisfying all the conditions precedent to the equity facility. On June 1, Kropz raised USD353,595 through the placing of 4.5 million shares at 6.75 pence each, and announced plans to raise a further USD4 million at the same price. The new placing and open offer was expected to give qualifying shareholders the opportunity to subscribe for open offer shares at 6.75p each on the basis of 9 open offer shares for every 50 existing shares. ARC Fund has agreed to subscribe for 25.5 open offer shares, equal to around USD2 million. The cash raised will be used bring the company's Elandsfontein phosphate project, located in South Africa, into production, advance the new feasibility study at its Hinda project in the Republic of Congo, and for general working capital purposes.
Current stock price: 8.50 pence
Year-to-date change: up 13%
By Evelina Grecenko; [email protected]
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