Kore Potash PLC Share News (KP2)

(Sharecast News) - Kore Potash said on Wednesday that its chairman, David Hathorn, would participate in its previously-announced $10.6m fundraise, subscribing for $0.5m of new shares following the end of a trading restriction period linked to the publication of the 2024 annual report.

The AIM-traded firm said Hathorn's investment would be made via two associated trusts, the Belle Terre Trust and the Stapleford Trust, each of which would subscribe for 11.3 million new shares at a price of 1.7p each, resulting in a combined issue of about 22.6 million shares.

It said the transaction is deemed a related party transaction under AIM and ASX rules, and so would be subject to shareholder approval at an upcoming general meeting.

The board said the chairman's subscription would provide additional working capital to the company, supplementing proceeds from the broader placing and subscription detailed on 21 March.

Kore Potash's flagship asset is the 97%-owned Sintoukola Potash Project in the Republic of the Congo.

At 1055 GMT, shares in Kore Potash were down 1.58% at 1.87p.

Reporting by Josh White for Sharecast.com.