Fundraise to raise approximately US$12.2 million
Kore Potash Plc has successfully raised approximately US$12.2 million (£9.2 million) through the issuance of new ordinary shares at 2.9 pence per share. These funds will be allocated to various strategic initiatives including a US$2.2 million payment to PowerChina International Group Limited for optimisation work, US$0.8 million for an Environmental and Social Impact Assessment update, US$3.0 million for advisory and legal costs, US$0.2 million for early test works, and US$6.0 million for working capital and fundraising expenses. The company anticipates these proceeds will provide sufficient working capital for at least the next twelve months. Following the issuance of 319,688,816 new ordinary shares, the company's total issued share capital will be 5,175,938,315 ordinary shares.
Select text to share a quote on X · sign in to keep highlights & notes in your KP2 notes
596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR") AND THE SOUTH AFRICAN FINANCIAL MARKETS ACT 19 2012.
THIS ANNOUNCEMENT MAY BE RELEASED, PUBLISHED OR DISTRIBUTED BY THE COMPANY FOR INFORMATION PURPOSES ONLY IN ACCORDANCE WITH ITS CONTINUOUS DISCLOSURE OBLIGATIONS UNDER APPLICABLE LAWS INCLUDING THE REQUIREMENTS OF JSE LIMITED AND THE AUSTRALIAN SECURITIES EXCHANGE.
Kore Potash Plc
("Kore" or the "Company")
Fundraise to raise approximately US$12.2 million (£9.2 million)
Kore, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Kola Project"), located within the Republic of Congo ("RoC"), is pleased to announce it has conditionally raised approximately US$12.2 million (£9.2 million), before expenses, by way of direct subscriptions of new ordinary shares ("New Ordinary Shares") in the Company at a price of 2.9 pence per share (the "Issue Price") with certain eligible existing shareholders and new institutional and other investors (the "Fundraise").
Highlights
The proceeds of the Fundraise will be utilised as follows:
| Use of Funds | US$m |
|---|---|
| Final outstanding Payment to PowerChina International Group Limited for optimisation work undertaken in 2022 and 2023 as EPC contractor to the Company | 2.2 |
| Environmental and Social Impact Assessment ("ESIA") update | 0.8 |
| Advisory/Legal Costs | 3.0 |
| Early test works support | 0.2 |
| Working Capital & Fundraise Cost | 6.0 |
| Total: | 12.2 |
- The Directors believe the net proceeds of the Fundraise will provide sufficient working capital for the Company to implement its strategy for at least the next 12 months.
- The New Ordinary Shares proposed to be issued pursuant to the Fundraise will be issued within the Company's existing ASX Listing Rule 7.1 capacity.
- Certain South African investors, who fall within the exemptions set out in section 96(1)(a) and/or (b) of the South African Companies Act 71 of 2008 ("South African Companies Act") have agreed to participate in the Fundraise under the South African Reserve Bank approval received on 22 August 2025 for up to US$10 million.
- The Company's two largest shareholders, the Oman Investment Authority ("OIA") and Sociedad Quimica y Minera ("SQM") have been offered the opportunity to subscribe for new ordinary shares in the Company at the Issue Price, in order to preserve their respective shareholdings in the Company. OIA and SQM have up to 20 business days to inform the Company if they intend to subscribe and such participation would be a related party transaction for the purposes of AIM Rule 13. Any participation by OIA and SQM would be in addition to funds raised via the Fundraise and would be subject to shareholder approval at a general meeting of shareholders as required under ASX listing rule 10.11.3.
- The New Ordinary Shares will rank equally with the Company's existing ordinary shares.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the 319,688,816 New Ordinary Shares which are being issued pursuant to the Fundraise to be admitted to trading on AIM and application has also been made for such shares to be admitted to trading on JSE Limited and ASX ("Admission"). It is expected that Admission to the AIM market of the London Stock Exchange will take place at 8.00 a.m. on or about 25 November 2025.
Application
Following Admission and the issue of the 319,688,816 New Ordinary Shares, the Company's issued share capital will consist of 5,175,938,315 ordinary shares. Accordingly, following Admission the total number of voting rights in the Company will be 5,175,938,315. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For the purposes of this announcement, the following exchange rates have been used:
1 GBP = US$ 1.32
This announcement has been approved by the Board of Kore Potash plc.
Further notices
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the New Ordinary Shares. The price of Ordinary Shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.