Equity Facility Draw Downs

RNS Number : 8975K

Kropz PLC

07 September 2021

 

7 September 2021

Kropz Plc

("Kropz" or the "Company")

Equity Facility Draw Downs

Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, is pleased to confirm that it has made its quarterly draw down requests under the equity facilities with Kropz's major shareholder, the ARC Fund ("ARC") .   The Company has two equity facilities, with the first being for an amount of US$ 40 million (which cannot exceed ZAR 680 million) as announced on 13 May 2020 ("Original Equity Facility") and the second for an amount of up to US$ 5 million (which cannot exceed ZAR 85 million) ("New Equity Facility"), as announced on 26 February 2021 (together the "Facilities") .

The sixth draw down under the Original Equity Facility is for US$ 3 million which will be settled by the issue of 38,222,222 new ordinary shares at the issue price of 6.75 pence per share to ARC on 10 September 2021. This is the final drawdown on the Original Equity Facility and it is now fully drawn.

In addition, the Company has made the third draw down request of US$ 400,000 under the New Equity Facility. This draw down will be settled by the issue of 6,949,072 new ordinary shares at the issue price of 4.20 pence per share to ARC on 10 September 2021.

The next draw down under the New Equity Facility is expected to be made on or about 10 December 2021 and quarterly thereafter, in line with the terms of the Original Equity Facility.

The proceeds drawn down from the Facilities will be applied to the continuing workstreams on the Elandsfontein and Hinda projects. The Company will provide further updates on project progress in late Q3 2021.

Admission and Total Voting Rights

Application will be made for the 45,171,294 new ordinary shares to admission to trading on the AIM Market of the London Stock Exchange ("AIM"). It is expected that admission will become effective and that dealings in the new ordinary shares will commence at 8.00 a.m. on 10 September 2021 ("Admission").

On Admission, the Company's issued share capital will consist of 902,622,903 ordinary shares with voting rights. There are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Change in Shareholding

Following issue of the 45,171,294 new ordinary shares, ARC will be directly interested in 753,944,010 ordinary shares of the Company representing 83.5 per cent. of the issued share capital.

In addition, ARC holds call options over certain shares held by Kropz International S.a.r.l as set out in the announcement on 26 February 2021.

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	[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 explorer 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.

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