Drawdown on Bridge Loan Facility

RNS Number : 9475X

Kropz PLC

01 September 2022

 

1 September 2022

Kropz Plc

("Kropz" or the "Company")

Drawdown on Bridge Loan Facility

Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, announced on 9 August 2022 that it had entered into a new bridge loan facility of ZAR 121.5 million (the "Loan") with its major shareholder, the ARC Fund, to meet immediate cash requirements due to further delays in the ramp up of operations at Kropz Elandsfontein (Pty) Ltd ("Elandsfontein"). Progress continues to be made, however, in the ramp up.

The first draw down on the Loan for an amount of ZAR 60 million was made on 9 August 2022. A further draw down of ZAR 47 million will be made today to cover immediate funding requirements at Elandsfontein.

Kropz and ARC Fund are currently working on a comprehensive funding structure to finance any further funding requirements in Kropz.

The Company will provide further updates in due course.

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

Kropz Plc	Via Tavistock
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)
Nick Elwes Jos Simson Emily Moss	[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 in 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.

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