Aim-listed Kropz has made the first drawdown of R60.5-million on a September loan from the Africa Rainbow Capital (ARC) Fund.
The emerging African phosphate producer and developer announced on September 30 that it had entered into a new bridge loan facility of R126-million with its major shareholder, the ARC Fund, to meet immediate cash requirements owing to delays in the ramp-up of operations at its Elandsfontein mine.
Kropz and ARC Fund are currently working on a comprehensive funding structure to finance any further Kropz funding requirements.