2nd Apr 2025 07:00
02 April 2025
Kore Potash Plc
("Kore Potash" or the "Company")
Fundraise of US$10.6 million - Chairman's participation
Kore Potash, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Kola Project"), located within the Republic of Congo ("RoC"), is pleased to announce that, following the publication of the Company's 2024 Annual Report, the restriction of the Company's Directors and senior management from trading in the Company's shares has ceased and David Hathorn, Chairman, will now subscribe for new ordinary shares of US$0.001 each in the Company ("New Ordinary Shares").
Chairman's Participation in the Fundraise
As outlined in the announcement dated 21 March 2025, David Hathorn will now subscribe for new Ordinary Shares at a price of 1.7 pence per share (the "Placing Price") for a total consideration of US$0.5 million (£0.38 million) via two separate trusts, the Belle Terre Trust and Stapleford Trust (the "PDMR Subscription"). The trusts are associated with David Hathorn, a related party of the Company as defined by AIM Rule 13 and ASX Listing Rule 10.11.1., with 11,322,464 new ordinary Shares of US$0.001 in the Company being issued to the Belle Terre Trust and 11,322,464 new ordinary Shares of US$0.001 in the Company being issued to the Stapleford Trust, resulting in 22,644,928 new ordinary shares being issued in aggregate. Participation by the trusts will be deemed as a related party transaction for the purposes of ASX Listing Rule 10.11.1 and accordingly require relevant shareholder approvals at a General Meeting, the details of which will be advised in due course.
The Proposed PDMR Subscription would provide US$0.5m of additional working capital in addition to the funds raised through the Placing and Subscription as detailed in the 21 March 2025 announcement.
As noted in the 21 March 2025 announcement, David Hathorn is a director of the Company and the PDMR Subscription is deemed to constitute a related party transaction for the purposes of AIM Rule 13. The directors of the Company, other than David Hathorn, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the PDMR Subscription are fair and reasonable insofar as shareholders of the Company are concerned.
This announcement has been approved by the Board of Kore Potash plc.
Enquiries:
Kore Potash | Tel: +44 (0) 20 3963 1776
|
Andre Baya - CEO | |
Andrey Maruta - CFO | |
SP Angel - Nomad, Joint Broker and Joint Bookrunner |
Tel: +44 (0) 20 7470 0470 |
Ewan Leggat Charlie Bouverat
| |
Shore Capital - Joint Broker and Joint Bookrunner | Tel: +44 (0) 20 7408 4050 |
Toby Gibbs James Thomas | |
Tavistock Communications |
Tel: +44 (0) 20 7920 3150 |
Emily Moss Nick Elwes
| |
Questco Corporate Advisory - JSE Sponsor Done Hattingh | Tel: +27 (63) 482 3802
|
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Belle Terre Trust |
2 | Reason for the notification | |
a) | Position/status | A Trust closely associated with David Hathorn, Chairman and PDMR |
b) | Initial notification/Amendment | ● |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of US$0.001 each ●
GB00BYP2QJ94 |
b) | Nature of the transaction | Conditional Subscription for 11,322,464 ordinary shares of US$0.001 each. |
c) | Price(s) and volume(s) | Price: 1.7 pence Volume: 11,322,464 |
d) | Aggregated information | Price: 1.7 pence Volume: 11,322,464 |
e) | Date of the transaction | 02 April 2025 |
· f) | Place of the transaction | London Stock Exchange |
1 | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name | Stapleford Trust |
2 | Reason for the notification | |
a) | Position/status | A Trust closely associated with David Hathorn, Chairman and PDMR |
b) | Initial notification/Amendment | Initial notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | Kore Potash Plc |
b) | LEI | 213800NWX7EHG4UVC107 |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of US$0.001 each ● ● GB00BYP2QJ94 |
b) | Nature of the transaction | Conditional Subscription for 11,322,464 ordinary shares of US$0.001 each. |
c) | Price(s) and volume(s) | Price: 1.7 pence Volume: 11,322,464 |
d) | Aggregated information | Price: 1.7 pence Volume: 11,322,464 |
e) | Date of the transaction | 02 April 2025 |
f) | Place of the transaction | London Stock Exchange |
Related Shares:
Kore Potash