Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Issues five separate convertible loan notes, with an aggregate value of USD530,000. The notes have a proposed drawdown date of Friday. Says proceeds from the notes will be used to further advance work that is expected to lead to the signing of an engineering, procurement and construction contract for the Kola Potash Project. Notes that each convertible loan has a zero interest coupon and is convertible into new shares. They will be converted immediately after publication of the 2023 annual report, which is expected on or about Thursday next week.
Early last month, Kore said PowerChina International Group Ltd continued to review the engineering, procurement and construction proposal. PowerChina is involved in the process to finalise terms of the engineering, procurement and construction contract. Kore said late in October the process to reach agreement on the contract terms, and to receive a financing proposal for the full construction cost of the Kola project, is now near completion and is expected to be finalised during the first quarter of 2024. Construction contractors are scheduled to be mobilised during the first half of 2024.
Current stock price in Johannesburg: 14 rand cents
12-month change: down 6.7%
Current stock price in London: 0.46 pence, down 12% in London on Friday
12-month change: down 32%
By Artwell Dlamini, Alliance News reporter
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Kore Potash (KP2)