Aim-listed Kropz has made its third quarterly drawdown request under the equity facility with the company’s major shareholder, the ARC Fund.
The equity facility is for $40-million, and the third drawdown is for $5-million, which will be paid through the issue of over 63.7-million new ordinary shares.
The next drawdown of the equity facility is expected to be made on or about March 10, 2021, and quarterly thereafter, in line with the terms of the equity facility.
The proceeds from the drawdown will be applied to the continuing work streams at the Elandsfontein phosphate project, in South Africa.