Business
Placing and Open Offer
Placing and Open Offer.
About this update from Kropz Plc
[{"type":"text","content":"\n \n \n RNS Number : 4525O\n Kropz PLC\n 01 June 2020\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.\n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n 1 June 2020\n \n Kropz Plc\n \n \n (\"Kropz\" or the \"Company\")\n \n \n \n Placing and Open Offer \n \n \n \n Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, is pleased to announce that it has raised a total of US$ 353,595 (before expenses) by way of an equity placing with an existing investor and two directors, Robin Renwick and Mark Summers, (\"Placing\") at a price of 6.75 pence per ordinary share (\"Issue Price\"). In conjunction, the Company today launches an open offer to existing shareholders to raise up to a further US$ 4 million, before expenses, at the Issue Price (\"Open Offer\"). \n \n \n \n \n The Placing and Open Offer (together, the \"Fundraise\") are in addition to the Equity Facility announced on the 13 May 2020, which was approved by shareholders at the General Meeting held on Friday, 29 May 2020. Under the terms of the Equity Facility, Kropz's major shareholder, ARC Fund, has committed to provide up to the ZAR equivalent of US$ 40 million (ZAR 680 million) to the Company which will be converted into new ordinary shares at the Issue Price. \n \n \n \n \n \n The proceeds of the Fundraise and the Equity Facility will be used to bring the Company's Elandsfontein phosphate project, located in South Africa, into production, and subject to funding raised, advance the new feasibility study at its Hinda project in the Republic of Congo, and for general working capital purposes.\n \n \n \n \n \n The Issue Price represents a discount o...