6 Feb 2015 16:50
African Potash Limited / Index: AIM / Epic: AFPO / Sector: Mining
6 February 2015
African Potash Limited ('African Potash' or the 'Company')Termination of Convertible Security Issuance Deed
The Company hereby announces that the convertible security issuance deed (the "Agreement") between the Company and Bergen Global Opportunity Fund, LP ("Bergen") announced to the market on 8 August 2014, has been terminated by mutual consent of the parties with effect from 9 February 2015.
As a result of the termination of the Agreement, Bergen has no further obligation to subscribe for and the Company has no obligation to issue any further convertible securities (the "Convertible Securities") to Bergen pursuant to the Agreement. Under the Agreement, no fee is payable by the Company in connection with the termination of the Agreement.
The funding provided by Bergen under the Agreement has been a useful bridge over the recent months and has enabled the Company to further its exploration programme and discussions with third party institutional investors and industry participants at the Company's own pace.
The $930,000 existing Convertible Securities which are currently held by Bergen pursuant to the CSID remain extant notwithstanding termination of the CSID. As described in the Company's announcement of 8 August 2014, the Convertible Securities:
· have a term ending on 7 February 2017; and
· will (subject to the satisfaction of certain conditions) be convertible into ordinary shares of African Potash, in whole or in part, at the option of Bergen.
* * ENDS * *
For further information visit www.africanpotash.com or contact the following:
|