Aim-listed Kropz has obtained approval from the South African Reserve Bank to proceed with a new convertible equity facility of up to R200-million with African Rainbow Capital (ARC) Fund.
The funds will be used to get the Elandsfontein phosphate project commissioned.
The facility remains subject to shareholder approval, which the company hopes to receive at a general meeting on October 15.
The new facility is in addition to a $5-million facility, which ARC, the company’s 82.7% shareholder, and Kropz entered into in February.