Business
CRP provides an update on the Capital Trust Group Proposal
CRP provides an update on the Capital Trust Group Proposal Canada NewsWire WELLI...
About this update from Chatham Rock Phosphate Limited
[{"type":"text","content":"\n\n\n\nCRP provides an update on the Capital Trust Group Proposal\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWELLINGTON, New Zealand, Jan. 11, 2019\n\n\n\nWELLINGTON, New Zealand, Jan. 11, 2019 /CNW/ - In response to shareholder enquiries Chatham Rock Phosphate Limited (TSXV: \"NZP\" and NZAX: \"CRP\" or the \"Company\") wishes to provide the following update. \nWe are still actively communicating with the Capital Trust Group stakeholders as they seek to raise the capital which was a prerequisite to undertaking/entering the transactions outlined in our announcement of 22 November. You will recall that these transactions included an injection of USD 10 million into Chatham and the acquisition by Chatham of the Capital Trust Group. \nThe wheels are certainly turning at CTG, we are aware that they have just appointed a new CEO, Mr.Dheerasak Suwannayos, a former President of Islamic Bank of Thailand. He has also had a number of director and executive positions in other significant Thai companies.\nHowever, and partly due to the imposition of the holiday season, their process is taking longer than they (or we) expected.\nConsequently, it's looking likely that in order to retain operating momentum CRP will soon approach the market and eligible existing shareholders to raise further working capital.\nWe expect to be in touch in the near future detailing the terms of the investment opportunity.\nAbout Chatham Rock Phosphate\nChatham Rock Phosphate is the custodian of New Zealand's only material resource of ultra-low cadmium, environmentally friendly pastoral phosphate fertiliser. Our key role is connecting the resource with those who need it. \nUsing this phosphate will support sustainable farming practices, including healthier soil profiles and reduced accumulation of the heavy metal cadmium, reducing carbon emissions and dramatically lowering runoff to waterways and shrinking fertiliser needs over time.\nThe resource represents one of New Zealand's most valuable mineral assets and is of huge strategic significance because phosphate is essential to...