Aim-listed Kropz has made its quarterly drawdown requests under its equity facilities with its major shareholder, the Africa Rainbow Capital (ARC) Fund.
The company has two equity facilities, the first original equity facility being for an amount of $40-million, and the second for an amount of up to $5-million.
The sixth drawdown under the original equity facility is for $3-million, which will be settled through the issue of 38.2-million new ordinary shares to ARC on September 10.
This is the final drawdown on the original equity facility and it is now fully drawn.
Moreover, Kropz has made the third drawdown request of $400 000 under the new equity facility.
This drawdown will be settled through the issue of 6.9-million new ordinary shares to ARC on September 10.
The next drawdown under the new equity facility is expected to be made on or about December 10 and quarterly thereafter, in line with the terms of the original equity facility.
The proceeds drawn down from the facilities are being applied to the continuing workstreams on the Elandsfontein and Hinda projects, in South Africa and Congo-Brazzaville, respectively.
Following issue of the new ordinary shares, ARC will hold 83.5% of Kropz’s issued share capital.