Aim-listed Kropz has made its fourth drawdown request under the new R550-million convertible equity facility from its largest shareholder, African Rainbow Capital (ARC) Fund, as announced in November last year.
The fourth drawdown is for R40-million, and R7.5-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 March 23, in line with the terms of the facility.
ARC Fund has the right, at any time, to convert any outstanding amount under the facility into new ordinary shares in Kropz.
Kropz is an Africa-based company focused on responsible rock phosphate exploration, mining and processing.