director fees27 Feb 2017 12:19
27 February 2017
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
Fundraising and Directors' Dealings
Further to the announcement made on 6 February 2017, African Potash, is pleased to announce a further subscription to raise £26,550 before expenses (the "Subscription").
Pursuant to the Subscription, the Company will issue 59,000,000 new ordinary shares of no par value (the "Subscription Shares") to raise £26,550 (before expenses) at a price of 0.045 pence per new ordinary share.
The proceeds from the Subscription will be used for working capital purposes and to further support and develop the Company's fertilizer trading business.
In addition, three of the directors of the Company's (Peter Hain, Mark Simmonds and Simon Dorling) have elected to take their current fees in shares. Accordingly, the Company has also agreed to issue a total of 118,888,888 new ordinary shares of no par value to these board members (the "Fee Shares"). The interests of the directors in the Company's ordinary share capital following the issue of the Fee Shares, are set out below:
Following issue of Fee Shares
Director Number of Fee Shares Number of Shares Held % of issued Share Capital
Chris Cleverly 0 6,000,000 0.36%
Simon Dorling 40,000,000 42,075,000 2.54%
Peter Hain 38,888,888 38,888,888 2.35%
Mark Simmonds 40,000,000 40,000,000 2.42%
The Subscription Shares and the Fee Shares which will, on issue, amount to 10.75% of the enlarged issued share capital of the Company immediately after the Fundraising, will be issued on or around 27 February 2017. The Subscription Shares and the Fee Shares will rank pari passu with the existing ordinary shares.
Following the issue of the Subscription Shares and the Fee Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 1,654,510,732 ordinary shares of no par value in issue each with voting rights. The Company does not hold any shares in treasury. The above figure of 1,654,510,732 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.