29th Sep 2021 19:31
Kropz PLC - African phosphate developer - Enters new convertible equity facility of up to ZAR200 million - around USD13.2 million - with major shareholder ARC Fund, in line with its strategy to deliver the company's Elandsfontein phosphate project to its first revenue.
The new rand facility is in addition to the USD5 million facility which ARC and Kropz entered in February, of which USD600,000 remains undrawn.
For the rand facility, up to ZAR127 million can be drawn from the date which the conditions have been met and up to April 30, 2022. Repayment of the facility capital can be done either in cash or by conversion into shares at a price of 4.506 pence each.
The facility will bear interest at 14% per annum and be compounded monthly.
Kropz will hold a general meeting on October 15, where it will proposed that directors be given authority to issue and allot shares in the company to meet the full demand under the new facility.
Current stock price: 4.5 pence
Year-to-date change: up 5.9%
By Dayo Laniyan; [email protected]
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