Business
Fundraise of US$10.6m – Chairman’s participation
Fundraise of US$10.6m – Chairman’s participation.
About this update from Kore Potash Plc
[{"type":"text","content":"\n\n02 April 2025\n \nKore Potash Plc\n(\"Kore Potash\" or the \"Company\")\nFundraise of US$10.6 million - Chairman's participation\n \nKore Potash, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project (\"Kola\" or the \"Kola Project\"), located within the Republic of Congo (\"RoC\"), is pleased to announce that, following the publication of the Company's 2024 Annual Report, the restriction of the Company's Directors and senior management from trading in the Company's shares has ceased and David Hathorn, Chairman, will now subscribe for new ordinary shares of US$0.001 each in the Company (\"New Ordinary Shares\").\n \nChairman's Participation in the Fundraise\n \nAs outlined in the announcement dated 21 March 2025, David Hathorn will now subscribe for new Ordinary Shares at a price of 1.7 pence per share (the \"Placing Price\") for a total consideration of US$0.5 million (£0.38 million) via two separate trusts, the Belle Terre Trust and Stapleford Trust (the \"PDMR Subscription\"). The trusts are associated with David Hathorn, a related party of the Company as defined by AIM Rule 13 and ASX Listing Rule 10.11.1., with 11,322,464 new ordinary Shares of US$0.001 in the Company being issued to the Belle Terre Trust and 11,322,464 new ordinary Shares of US$0.001 in the Company being issued to the Stapleford Trust, resulting in 22,644,928 new ordinary shares being issued in aggregate. Participation by the trusts will be deemed as a related party transaction for the purposes of ASX Listing Rule 10.11.1 and accordingly require relevant shareholder approvals at a General Meeting, the details of which will be advised in due course.\nThe Proposed PDMR Subscription would provide US$0.5m of additional working capital in addition to the funds raised through the Placing and Subscription as detailed in the 21 March 2025 announcement.\n \nAs noted in the 21 March 2025 announcement, David Hathorn is a director of the Company and the PDMR Subscription is deemed to constitute a related party transaction for the purposes of AIM Rule 13. The directors of the Company, other than David Hathorn, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the PDMR Subscription are fair and reasonable insofar as shareh...