16th Mar 2020 17:33
(Alliance News) - Phosphate explorer Kropz PLC on Monday said it is still talking to lenders amid a default on a USD30 million loan.
Kropz has a fully drawn-drown USD30 million loan from French bank BNP Paribas SA. It is currently in technical default on this loan.
The company is in "constructive" talks with BNP Paribas over how to remedy this but confirmed no repayments are due until September 30.
A USD1.8 million facility has been separately signed with major shareholder ARC Fund, of which USD305,000 has been drawn, for working capital needs to April.
Elsewhere, the water use hearing for the Elandsfontein project near Cape Town has been delayed due to Covid-19, with some parties having to go into self-quarantine.
Shares ended 24% lower on Monday in London at a price of 8.00 pence each.
By George Collard; [email protected]
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