Kore Potash (LSE:KP2)
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RNS Number : 8841V

Kore Potash PLC

06 December 2019

6 December 2019

Kore Potash Plc

("Kore Potash" or the "Company")

Purchase of Drill Rigs

Kore Potash plc, the potash exploration and development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Project"), announces that it has today completed the purchase of two drill rigs and ancillary equipment from Equity Drilling Limited, (the "Vendor") to be used for the Company's current DX Pre-Feasibility Study drilling campaign (all together the "Acquisition").

As consideration for the Acquisition, 22,000,000 new Ordinary Shares in the Company are being issued to the Vendor at a deemed price of 1.225p (being the closing share price on the 3rd of December 2019).

The Acquisition is in line with the Company's strategy to undergo its development plans in a cost-effective manner.

Application has been made for these shares to be admitted to trading on AIM and the JSE Limited on Wednesday 11 December 2019. These shares rank pari passu with the existing Ordinary shares in issue.

Following this issue, the Company's issued share capital consists of 1,537,441,166 shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 1,537,441,166.

The above 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 to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Commenting on this announcement, Brad Sampson, CEO of Kore Potash said:

"In addition to being the most cost effective way to complete the DX Pre-Feasibility Study drilling programme this equipment may also be used for any future project development related drilling."

For further information, please visit www.korepotash.com or contact:

 
Kore Potash                      Tel: +27 11 469 9140 
 Brad Sampson - CEO 
Tavistock Communications         Tel: +44 (0) 20 7920 3150 
 Jos Simson 
 Edward Lee 
Canaccord Genuity - Nomad and    Tel: +44 (0) 20 7523 4600 
 Broker 
 James Asensio 
 Henry Fitzgerald-O'Connor 
Shore Capital - Joint Broker     Tel: +44 (0) 20 7408 4090 
 Jerry Keen 
 Toby Gibbs 
 Mark Percy 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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(END) Dow Jones Newswires

December 06, 2019 02:00 ET (07:00 GMT)