IN BRIEF: Kore Potash gets draft financing proposal for Kola project

Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Receives the draft financing proposal and associated draft non-binding term sheets for the Kola potash project in the Republic of Congo from the Summit Consortium, an investment group that represents investors and engineering firms. Says the draft financing proposal and associated term sheets are comprehensive and cover the full funding requirement for the development of the Kola project.

Kore Potash has until May 31 to consider, negotiate if necessary, and settle on the terms. Notes that the parties have agreed that no details of the proposed financing will be disclosed until the initial terms set out in the term sheets have been finalised, agreed and executed.

In November last year, Kore signed the engineering, procurement and construction contract for Kola with PowerChina International Group Ltd. It said late in February the capital cost on a signed fixed price engineering, procurement & construction contract amounted to USD2.07 billion.

Stock price in London: 2.44 pence, up 6.3% on Tuesday

12-month change: multiplied from 0.53p

Stock price in Johannesburg: 60 rand cents

12-month change: multiplied from 14 cents

By Artwell Dlamini, Alliance News reporter

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