RNS out6 Feb 2017 15:35
Issue of Equity
African Potash, is pleased to announce a subscription to raise £125,000 before expenses (the "Subscription").
Pursuant to the Subscription, the Company will issue 279,277,777 new ordinary shares of no par value (the 'Subscription Shares') to raise £125,675 (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, the Company has agreed to issue a further 55,178,356 new ordinary shares of no par value (the "Fee Shares") to three service providers in order to settle outstanding liabilities in respect of the provision of services to the Company.
The Subscription Shares and the Fee Shares will, on issue, amount to 22.65% of the enlarged issued share capital of the Company immediately after the issue. 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 1,476,621,844 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 1,476,621,844 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.
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