Business
Fundraise of US$1,281,000
Fundraise of US$1,281,000.
About this update from Kore Potash Plc
[{"type":"text","content":"\n\n1 July 2024\n \nKORE POTASH PLC\n(\"Kore Potash\" or \"the Company\")\nFundraise of US$1,281,000\n \nKore Potash plc, the potash development company with 97% ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of Congo, is pleased to announce the successful completion of a share subscription (the \"Fundraise\"), which has raised approximately US$1,281,000 through the proposed issue of 91,802,637 new ordinary shares of US$0.001 each in the Company (\"Subscription Shares\") to certain existing shareholders as well as new institutional and high net worth investors at a price of 1.1 pence per share (\"Subscription Price\").\n \nThe net proceeds from the Fundraise will be used to further advance the work that is expected to lead to the signing of an EPC contract for the Kola Potash Project, as announced by the Company on 24 June 2024, and provide working capital for Kore Potash.\n \nThe Company has conditionally raised approximately US$1,281,000 through the proposed issue of:\n \n· 87,503,183 new ordinary shares of US$0.001 each in the Company (the \"Unconditional Subscription Shares\") with existing shareholders and new institutional and high net worth investors at the Subscription Price (the \"Unconditional Placing\"). The Unconditional Subscription Shares proposed to be issued pursuant to the Unconditional Placing will be issued within the Company's existing ASX Listing Rule 7.1 capacity; and \n \n· 4,299,454 new ordinary shares of US$0.001 each in the Company (the \"Conditional Subscription Shares\") conditionally placed with David Hathorn, the Chairman of the Company at the Subscription Price (the \"Conditional Subscription\").\n \n \nCompletion of the Conditional Subscription is subject to shareholder approval of certain resolutions (including for the purposes of ASX Listing Rule 7.1 and ASX Listing Rule 10.11) to authorise the issue of the Conditional Subscription Shares, which will be sought at a general meeting of the Company, details of which will be made available in due course.\n \nChairman's participation in the Proposed Fundraise\nDavid Hathorn, the Chairman of the Company intends to subscribe for 4,299,454 new Ordinary Shares for a total consideration of US$60,000 via two separ...