Kropz issues more shares to ARC in debt settling efforts
Aim-listed Kropz has made another quarterly drawdown request under one of its equity facilities with major shareholder African Rainbow Capital (ARC) Fund.
The funds will be used for general corporate purposes.
This marks the fifth and final drawdown request valued at $200 000 related to a “new equity facility” which will be settled by way of 3.4-million new ordinary shares to be issued to ARC on March 10.
Similarly, Kropz will settle an “original equity facility” it has with ARC by issuing 3.9-million, or $311 000 worth of, shares, to the lender, also on March 10.
Following the two share listings, ARC will hold just under 770-million shares of Kropz, representing 83.2% ownership.
Kropz may still draw down R74-million, or about $4.8-million, from ARC, in what is a third and separate “new ZAR equity facility”.
In December last year, Kropz introduced first ore to its phosphate processing plant, at its 74%-owned Elandsfontein mine, in the Western Cape.
Following flotation circuit commissioning and adding of reagents, first concentrate production will follow.
Kropz said last year that the project would progress to full mining and processing ramp-up over the coming months.
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