Kore Potash raises $10.1m
Potash development company Kore Potash, which owns 97% of the Sintoukola (Kola) potash project, in Congo-Brazzaville, has conditionally raised about $10.1-million, before expenses, by way of a placing and direct subscriptions of new ordinary shares in the company at a price of 1.7p a share with certain eligible existing shareholders and new institutional and other investors.
It expects to raise a further $500 000 from chairperson David Hathorn once the company’s closed period ends.
Kore is currently in a closed period that restricts directors and senior management from trading in the company's shares pending the notification of the audited results for the year ended December 31, 2024.
Kore notes that the proceeds of the fundraise will be used for payment to PowerChina International Group for outstanding payment on 2022 and 2023 optimisation work and the early works agreement; for an environmental- and social-impact assessment update; advisory and legal costs; as well as working capital and fundraising costs.
The company says directors believe the net proceeds of the fundraise will provide sufficient working capital for the company to implement its strategy for at least the next seven months.
Kore signed a nonbinding memorandum of understanding (MoU) with the Summit Consortium in April 2021 to arrange the full financing required for the construction of the Kola project.
This was followed by the execution of an engineering, procurement and construction (EPC) contract with PowerChina International Group in November last year.
In line with the MoU with the Summit Consortium and, following the execution of the EPC contract, the financiers in the Summit Consortium are targeting the delivery of a nonbinding financing term sheet by March 31.
This term sheet will be subject to the completion of detailed and definitive legal documentation.
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