Drawdown on Bridge Loan and BNP Loan Update
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Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, announced on 27 March that it had entered into a new bridge loan facility of ZAR 170 million (the "Loan") with its major shareholder, the ARC Fund, to meet immediate cash requirements at Kropz Elandsfontein (Pty) Ltd.
The second draw down on the Loan for an amount of ZAR 73 million has been made.
BNP loan facility agreement update
As previously announced, the Company is in the process of refinancing the BNP loan facility (outstanding amount US$ 11 250 000). BNP has extended its waiver period to 30 June 2024. A replacement loan is expected to be in place by the second quarter of 2024.
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