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Logic'd suggest that paying hefty CEO fees, from 15 April, the Co expects the EPC to be near full agreement?
On the other hand I am not sure what "non-Board member" means; someone having Executive powers without being a Director? This is a Co law matter; maybe the Chairman wants to sign the EPC on Co's behalf because the new guy is a "new guy"?
David Hathorn, Chair of Kore Potash, commented:
"To appoint a CEO with André's experience in both the mining and global agriculture sectors is hugely exciting and, I believe, demonstrates the surefooted ambitions of Kore Potash to become a major potash producer.
"Those of us who take the investment as evidence that all is well - have been buying since 22 March."
That's a shame 99. I was seriously hoping the buys were another example of the historic KP2 leaks! LOL.
The Chairman bought > 31 million shares, but they were bought from Kore direct not from the market. Those of us who take the investment as evidence that all is well - have been buying since 22 March.
If not mistaken, those are new shares to be issued, Mitch.
There have been over 11 million shares showing as buys since Wednesday 27th March though.
No idea if these have anything to do with the shares the directors agreed to take up in the RNS however. I don't think so, but I'm sure someone with better knowledge than me can advise?
Potential for a breakout once we get good news eg re EPC getting signed, in the next few weeks.
No 10% rise today. The bid offer has been 0.40p - 0.50p for a while. Many buyers than sellers since the RNS on 28 March at prices near to 0.50p. This has seen the dealers running low on stock. So the bid price has risen, now 0.45p - 0.50p. You can only say the price has risen if buyers will pay more than 0.50p
10% rise on the day on a share with a track record of being leaky and rising before good news... too optimistic or are we reading as good news in the pipeline?
That's the mln dollar question :); we will see when the RNS is released.
How will the financing come?
Actually, the Fundraise RNS stated: "The net proceeds from the CLNs will be used to further advance work that is expected to lead to the signing of an EPC contract for the Kola Potash Project, as announced by the Company on 9 February 2024, and provide working capital for Kore Potash.", so it could mean that we are fine until the financing is announced in 2-3 months.
From the RNS (see extracts below), it looks like - pls correct me - we need to raise $800k in the next 2-3 months (after financing is announced, hence I assume at a much higher SP), but also for WCAP purposes up to the EPC signing (4-6 weeks?) and financing completion (another 4-6 weeks?), so how much for - say - the next 2-3 months? Is this amount required sufficiently covered by the 530k just raised, you think?
"Two payments of USD1.0 million each were made in August and November 2023 as required.... The remaining USD 3 million of which USD 800,000 payable up to 6 weeks from the date PowerChina and SEPCO having presented to Kore ...the financing arrangement of the Kola Project...to form a binding construction contract" and USD 2.2 million to be paid subject to Kore concluding its fund raise with a target date of no later than 12 months of the signing of "EPC" contract."
"The Company will be required to raise funds in Q2 2024 for the working capital requirements for Kore Potash for the period up to signing full EPC documentation and the financing proposal for the complete construction of Kola from the Summit Consortium".
"...........then the buys were definitely from insiders. "
I very much doubt it. If the Chairman is putting in his own money ($150,000) many investors take this as a good time to buy (i.e. the Chairman is the "insider"). FYI - I bought 500k yesterday on that logic.
Agreed Driving.
We are getting closer and closer, and if today's buys were not directors taking up the new shares (which I don't think would be reported here), then the buys were definitely from insiders.
KP2 has always leaked like the proverbial sieve, and I don't think that stopped when Brad was disposed of.
If I might get to add @ same price as insiders..now that would be nice for a change!
Gla.
Not long now..
They have 5 weeks to deliver the signed EPC, then 6 weeks max for the finance. Let's see how the Mkt reacts then.
IMHO - There are lots of good things that make this project unique
The quality of the Potash
The distance from the coast
The pedigree of the partner
The full funding
The cost guarantee
etc. etc.
Keeping to forecast dates is not (unfortunately) something you could see as a positive (like most AIM) stocks.
It's positive then, that 6 weeks have elapsed since the last "extension", without any more delays announced!
RNS January 18th - Expected EPC signing by the end of February
RNS February 9th (3 weeks later) Expected EPC signing by the end of April.
That too, sure, given that they expected the EPC signing by end January and now it's expected at April end.
IMHO - It just means that when they raised $2.5 million at 0.38p in October 2023, they should have raised $3 million, so they have gone back to the same investors for more (at the same 0.38p).
IMO, this is very positive; the Broker marked the SP down as a precaution, it will recover by next week. We knew that the Co has to raise more funds as a condition of the deal with the Chinese, anyway, so this is not a surprise. Also, the big holders are investing more cash in preparation for the EPC signing, this has to be a plus. Some key points from the RNS:
1. "The net proceeds from the CLNs will be used to further advance work that is expected to lead to the signing of an EPC contract for the Kola Potash Project, as announced by the Company on 9 February 2024, and provide working capital for Kore Potash."
2."There are no broking fees incurred in respect of this Fundraise."
3."Company will issue 109,865,053 new Ordinary Shares"; on 4.12 bln, this is a 2% dilution!
4. "it is the intention of David Hathorn, Chairman, to subscribe for new ordinary shares of the Company for a consideration of US$ 150,000 as soon as practicable following the notification of the Results on the same terms as the Fundraise"
5."Harlequin Investments Ltd ("Harlequin") is a substantial shareholder of the Company, holding 12.33% of the Company's issued share capital prior to the Fundraise, and has agreed to subscribe for CLNS to the value of US$ 200,000,"
FWIW - Given the timing, it looks like the funding was needed to satisfy the "going concern" aspects of the accounts.