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(Alliance News) - Kropz PLC said on Monday it had made its fifth and final quarterly draw down request of USD200,000 under its new equity facility.
Shares in Kropz were up 25% at 10.20 pence on Monday morning in London.
The Hertfordshire, England-based phosphate explorer said this draw down will be settled by the issue of 3.5 million Kropz shares at the issue price of 4.20 pence per share to its major shareholder the ARC Fund on Thursday.
The proceeds drawn down from the new equity facility will be utilised for general corporate purposes, Kropz added. The new equity facility was announced back in February 2021 and was for an amount of up to USD5 million.
To date ZAR127 million has been drawn down on the New ZAR Equity Facility. The remaining ZAR73 million can be drawn down by the company at the discretion of ARC. This facility for up to ZAR200 million was announced in September last year.
The company's original equity facility of USD40 million, announced in May 2020, is fully drawn down. The fee will be settled by the issue of 4.0 million shares at 6.75 pence per share to ARC on Thursday this week.
Following the issue of 7.4 million shares under the facilities, ARC will hold 83% of Kropz.
By Heather Rydings; heatherrydings@alliancenews.com
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