Kropz draws down first R307.5m of R550m ARC fund loan
Aim-listed emerging African phosphate producer and developer Kropz made its first drawdown request under the new R550-million convertible equity facility from the company's largest shareholder African Rainbow Capital (ARC) Fund, on December 1.
The first drawdown is for R307.5-million, comprising a set-off of loan one and two of R247.5-million, R10-million for Kropz’s general corporate purposes and funding for the ongoing running costs of the Hinda project. This also includes R50-million for working capital for Elandsfontein.
Going forward, R242.5-million remains available for drawdown over the term of the R550-million equity facility.
The next drawdown of the R550-million equity facility is expected to be made on or about December 23 and monthly thereafter, if required.
Kropz, Kropz Elandsfontein and ARC Fund agreed to an initial R121.5-million ($7.1-million) bridge loan facility, which to date has been fully drawn, on August 9, to meet Kropz's immediate cash requirements for its Elandsfontein mine.
On September 30, the three parties agreed to a further R126-million ($7.4-million) bridge loan facility, which is also fully drawn, to meet further funding requirements at Elandsfontein owing to further delays in the ramp-up of operations.
Loan one and two will be set off against the first drawdown amount under the R550-million equity facility.
ARC Fund has the right, at any time, to convert any outstanding amount under the R550-million equity facility into new ordinary shares in Kropz.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
