Kropz plans to raise additional $4.3m, backed by ARC
Aim-listed emerging phosphate producer Kropz has raised about $350 000 by way of an equity placing with chairperson Robin Renwick and interim CEO Mark Summers at a price of 6.75p an ordinary share.
Additionally, Kropz has launched an open offer to existing shareholders to raise up to $4-million, at the same issue price.
This follows after the company in mid-May announced an equity facility whereby its major shareholder, African Rainbow Capital (ARC), committed to provide up to $40-million to Kropz, which will be converted into new ordinary shares at the issue price.
ARC already indicated that it wants to subscribe for about 25-million open offer shares, equal to $2-million.
The equity placing shares will be admitted to trading on Aim from June 4, while the open offer shares will be admitted closer to June 19.
The proceeds of all the fundraising and facilities will be used to bring Kropz’s Elandsfontein phosphate project, in the Western Cape, into production and advance a new feasibility study for the Hinda project, in Congo-Brazzaville.
The target date for commercial production to start at Elandsfontein is set for the fourth quarter of 2021.
In addition to water issues that the project has been legally defending on and off since 2017, the processing facility also had to be modified to achieve the desired consistent phosphate grade, which involved additional testwork and equipment modifications.
“The processing plant will produce a final saleable concentrate to the expected specification of 68% bone phosphate of lime and about 31% phosphorus oxide, using a flotation configuration of direct, followed by a reverse, flotation circuit.
“We have a plan – it looks good. The technical solution has been tabled and we are working towards implementation,” Kropz reported in April.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
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
