Convertible Equity Facility Draw Downs

RNS Number : 9927E

Kropz PLC

16 March 2022

 

16 March 2022

Kropz Plc

("Kropz" or the "Company")

Convertible Equity Facility Draw Downs

Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, is pleased to confirm that it has made its third draw down request under the conditional convertible equity facility of up to ZAR 200 million ("ZAR Equity Facility"), with its major shareholder, the ARC Fund ("ARC"), as announced on 29 September 2021.

The ZAR Equity Facility comprises a total commitment of up to ZAR 200 million provided by ARC, which can be drawn down at the discretion of Kropz, as follows:

o  ZAR 127 million from the date that all the conditions to the ZAR Equity Facility have been met (the "Effective Date") and up to 30 April 2022; and

o  ZAR 73 million from the date as determined by ARC, and at its discretion, but no earlier than the Effective Date and until a further date as determined by ARC.

In terms of the ZAR127 million first commitment, ZAR90 million was drawn down on 26 October 2021 and ZAR37 million was drawn down on 10 December 2021.

The request for a drawdown of ZAR40 million of the remaining ZAR 73 million of the ZAR Equity Facility from ARC was made on 16 March 2022 and has been approved by ARC for draw down on 25 March 2022.

The Company will provide further updates on the Elandsfontein project and further production progress in due course.

For further information visit   www.kropz.com  or contact:

Kropz Plc
Mark Summers (CEO)	[phone]
Grant Thornton UK LLP	Nominated Adviser
Samantha Harrison Harrison Clarke George Grainger Ciara Donnelly	[phone]
Hannam & Partners	Broker
Andrew Chubb Ernest Bell	[phone]
Tavistock	Financial PR & IR (UK)
N ick Elwes Jos Simson Oliver Lamb	[phone] [e-mail]
R&A Strategic Communications	PR (South Africa)
James Duncan	[phone] [e-mail]

About Kropz Plc

Kropz is an emerging African producer and developer of plant nutrient feed minerals with phosphate projects in South Africa and the Republic of Congo. The vision of the Group is to become a leading independent phosphate rock producer and to develop into an integrated, mine-to-market plant nutrient company focusing on sub-Saharan Africa.

-ENDS-

 

END

 

 

MSCGZGMFZVFGZZM