(Alliance News) - Fertilizer firm Kropz PLC on Monday said it is considering a fundraising to finance the development of its projects in Ghana and the Republic of Congo as it reported loss in 2018.
Kropz floated on the London Stock Exchange in November last year after raising GBP27.3 million before expenses in its initial public offering.
The plant nutrient feed minerals producer reported a pretax loss of USD7.6 million in 2018 and did not generate any revenue.
In December 2018, Kropz acquired 98.97% of Cominco Resources Ltd for USD40 million, which, through its subsidiary, Cominco SA, owns the Hinda project in the Republic of Congo.
The Hinda project, which is expected to be diluted to 90% through the participation of the Republic of Congo government, is believed to be one of the world's largest undeveloped phosphate reserves, Kropz said.
The company has also secured a prospecting right in Ghana to undertake further exploration work on the Aflao project.
Looking ahead, Kropz said it is currently reviewing options to raise USD4 million to further advance its Hinda and Aflao projects and provide additional working capital.
The stock was trading 8.1% lower on Monday at 17.00 pence a share.
Kropz Plc (KRPZ)