Aim-listed emerging African phosphate explorer and developer Kropz has made its quarterly drawdown requests under the equity facilities with its major shareholder, the African Rainbow Capital (ARC) Fund.
Kropz has two equity facilities, with the first being for an amount of $40-million, and the second for an amount of up to $5-million.
The fifth drawdown under the original equity facility is for $11-million, which will be settled by the issue of 140.1-million new ordinary shares to ARC on June 23.
Moreover, Kropz has made the second drawdown request of $2-million under the new equity facility. This drawdown will be settled through the issue of 34.7-million new ordinary shares to ARC on June 23.
The next drawdowns are expected to be made on or about September 10 and quarterly thereafter, in line with the terms of the original and new equity facilities.
The proceeds drawn down from the original and new equity facilities will be applied to the continuing workstreams on the Elandsfontein project in South Africa and the Hinda project in Congo-Brazzaville.
Following the issue of the 174.9-million ordinary shares in Kropz, ARC Fund will directly hold 708.8-million ordinary shares, representing 82.7% of the company’s issued share capital.