5 November 2024
KORE POTASH PLC
("Kore
Potash" or "the Company")
Fundraise of US$900,000
Kore Potash plc, the potash development company
with 97% ownership of the Kola and DX Potash Projects in the
Sintoukola Basin, located in the Republic of Congo, is pleased to
announce the successful completion of a share subscription (the
"Fundraise"), which has raised approximately US$900,000 through the issue of 25,441,268 new
ordinary shares of US$0.001 each in the Company ("Subscription
Shares") to certain existing shareholders as well as new
institutional and high net worth investors at a price of 2.76
pence per Subscription Share ("Subscription Price") representing
a 15% discount to the closing mid-market price of the
Company's shares of 3.25 pence on Friday 1st
November 2024.
The net proceeds from the Fundraise will be
used to further advance the work that is expected to lead to the
signing of an EPC contract for the Kola Potash Project and provide
working capital for Kore Potash.
David Hathorn, Chairman, was unable to take
part in the Fundraise as he is considered by the Company to be in
possession of unpublished inside information.
Application
for admission
The Subscription Shares will, when issued, be
credited as fully paid and will rank pari passu in all respects
with the existing issued ordinary shares. This includes the right
to receive all dividends and other distributions declared or paid
in respect of such ordinary shares after the date of issue of the
new ordinary shares. Kore Potash advises that application will be
made for the admission of 25,441,268 Subscription Shares to trading
on AIM, the Johannesburg Stock Exchange and the Australian
Securities Exchange with admission expected to take place on 11
November 2024.
Total voting
rights
Following the issue of the Subscription Shares,
the Company's total issued share capital will consist of
4,377,869,961 ordinary shares of US$0.001 each. No shares are held
in treasury. Accordingly, the total number of voting rights in the
Company will be 4,377,869,961.
The above figure may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
The Subscription Shares will be issued within
the Company's existing ASX Listing Rule 7.1 capacity. The Company
can confirm that none of the Subscription Shares are being issued
to a party noted in ASX Listing Rule 10.11.
Mr Andre Baya,
CEO of Kore Potash said:
"We
are very pleased with the support from our existing shareholders as
well as of our new investors that we have continued to see.
This is a very exciting and significant time for the Company as we
look to progress the Kola Potash Project towards signing the EPC
contract.
We look forward to
providing further updates in due course."
Market Abuse Regulation
Market Abuse Regulation (MAR) Disclosure - The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 which has been
incorporated into UK law by the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service ("RIS"), this inside information is now
considered to be in the public domain.
The Company will also lodge an Appendix 3B
Proposed issue of
securities, with the ASX notifying of the proposed
issues.
This announcement has been approved for release
by the Board.
For further information, please visit
www.korepotash.com or
contact: