(Alliance News) -Â Mining firm Kore Potash PLC said on Friday it has completed the purchase of two drill rigs and ancillary equipment from Equity Drilling Ltd.
The drills will be used for the company's current Dougou extension pre-feasibility study drilling campaign.
As consideration for the purchase, Kore Potash will issue 22.0 million new shares to the seller at a deemed price of 1.225 pence.
"In addition to being the most cost effective way to complete the Dougou extension pre-feasibility study drilling programme this equipment may also be used for any future project development related drilling," said Chief Executive Brad Sampson.
In Johannesburg, the stock was down 3.5% at ZAR0.28. In London, the stock last closed at 1.225p.
Following this issue, the company's share capital will consist of of 1.54 billion shares.
By Lucy Heming;Â lucyheming@alliancenews.com
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Kore Potash (KP2)