pot of GOLD end of the RAINBOW28 Jul 2018 19:58
RESULTS OF PRIVATE PLACING IN RESPECT OF THE SECONDARY INWARD LISTING OF
KORE POTASH ON THE MAIN BOARD OF THE JSE LIMITED
Kore Potash, the potash exploration and development company whose flagship asset is the Kola
Project (?Kola? or the ?Project?), located in the Company?s 97% owned Sintoukola Potash Project in
the Republic of Congo, is pleased to announce it has raised gross aggregate proceeds of US$13.14m
(c.ZAR154m) through the placing and direct subscription of new ordinary shares in the Company and
a convertible loan note.
A total of US$12.89m (c.ZAR151m) has been raised from existing and new investors (?Placees?)
through the placing and direct subscription of 83,523,344 ordinary shares (?Placing Shares?) in the
Company at a placing price of AUS$0.20 (ZAR1.8179)per new Ordinary Share, which is a 67%
premium to the Company?s last closing share price on the ASX (collectively the ?Placing?). In
addition, the Company has raised US$250,000 (c. ZAR3m) from the Chairman, Mr David Hathorn,
through a convertible loan note that will convert into Ordinary Shares on the same terms as the
Placing Shares, upon shareholder approval at the next general meeting of the Company (collectively
the ?Fundraise?). The Placees have been granted 12,894,659 equity warrants on the basis of one
equity warrant for every US$1.00 invested in the Placing exercisable at AUS$0.30 for one ordinary
share with a 3 year subscription period. To the extent that approval is required from the Financial
Surveillance Department of the South African Reserve Bank for the issue of the equity warrants, the
equity warrants will only be issued upon receipt of such approval.
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