Kore Potash PLC Results of General Meeting and Issue of Shares (4496Z)

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RNS Number : 4496Z

Kore Potash PLC

18 September 2020

18 September 2020

Kore Potash Plc

("Kore Potash" or the "Company")

Results of General Meeting ("GM") and Issue of Shares

Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project, is pleased to announce that the resolutions put to its GM held earlier today, were duly passed. The resolutions were all duly passed on a poll by the requisite majority.

The GM was held, inter alia, to approve the issue of 946,106,375 new ordinary shares ("Ordinary Shares") in the Company at GBP0.0065 per share in line with the Company's announcements of 28 August and 2 September 2020. Application has been made for 882,688,876 Placing and Subscription Shares to be admitted to trading on AIM and the JSE Securities Exchange on 21 September 2020. The Company also intends to issue, within the next 8 months, pursuant to the Technical Services Agreement (which has become unconditional) 63,417,499 new Ordinary Shares at GBP0.0065 per share to Sociedad Quimica y Minera de Chile S.A. ("SQM") in lieu of the fees payable under the Technical Services Agreement (the "Deferred Technical Services Shares").

Following the issue of the Placing and Subscription Shares, the Company's issues share capital will consist of 2,439,220,712 ordinary shares of US$0.001. Accordingly, the total number of voting rights in the Company is 2,439,220,712. 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.

The following statistics, as detailed in the attached Annexure A, are provided in respect of each motion on the Agenda of Kore Potash plc's GM.

Those defined terms not defined within this announcement will have the same meaning as that set in the announcement of 28 August 2020.

ENDS

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

 
 Kore Potash                        Tel: [phone] 
  Brad Sampson - CEO 
 Tavistock Communications           Tel: [phone] 
  Jos Simson 
  Edward Lee 
 Canaccord Genuity - Nomad and      Tel: [phone] 
  Broker 
  James Asensio 
  Henry Fitzgerald-O'Connor 
 Shore Capital - Joint Broker       Tel: [phone] 
  Jerry Keen 
  Toby Gibbs 
  Mark Percy 
 

ANNEXURE A:

In respect to each resolution the total number of votes exercisable by all validly appointed proxies was as follows:

 
    RESOLUTION        TOTAL VOTES          FOR                            DISCRETION -      AGAINST     VOTES WITHHELD 
                      VALIDLY CAST                     DISCRETION -          OTHER 
                                                         CHAIRMAN 
 Resolution 1 - 
  AUTHORITY TO 
  ALLOT SHARES IN 
  CONNECTION WITH 
  THE FUNDRAISE          915,922,904   913,713,864          2,032,840                  0      176,200          185,000 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 2 - 
  APPROVAL OF 
  SECURITIES 
  ISSUE TO 
  NON-AFFILIATED 
  INVESTORS IN 
  CONNECTION WITH 
  THE FUNDRAISE          915,922,904   913,712,864          2,032,840                  0      177,200          185,000 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 3 - 
  APPROVAL OF 
  SECURITIES 
  ISSUE TO 
  DIRECTOR UNDER 
  THE PLACING            861,465,758   859,255,008          2,032,840                  0      177,910       54,642,146 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 4 - 
  APPROVAL OF 
  SECURITIES 
  ISSUE TO SQM 
  UNDER THE 
  PLACING                915,421,704   913,212,154          2,032,840                  0      176,710          686,200 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 5 - 
  APPROVAL OF 
  SECURITIES 
  ISSUE TO SGRF 
  UNDER THE 
  PLACING                611,698,495   609,488,945          2,032,840                  0      176,710      304,409,409 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 6 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  MR DAVID 
  HATHORN IN LIEU 
  OF CASH 
  PAYMENTS FOR 
  DIRECTOR FEES          861,439,558   848,098,070          2,032,840                  0   11,308,648       54,668,346 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 7 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  MR JONATHAN 
  TROLLIP IN LIEU 
  OF CASH 
  PAYMENTS FOR 
  DIRECTOR FEES          915,896,704   902,552,716          2,032,840                  0   11,311,148          211,200 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 8 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  MR TIMOTHY 
  KEATING IN LIEU 
  OF CASH 
  PAYMENTS FOR 
  DIRECTOR FEES          611,173,495   597,832,007          2,032,840                  0   11,308,648      304,934,409 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 9 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  MR DAVID 
  NETHERWAY IN 
  LIEU OF CASH 
  PAYMENTS FOR 
  DIRECTOR FEES          915,895,704   902,555,216          2,032,840                  0   11,307,648          211,200 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 10 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  MR JOSÉ 
  ANTONIO MERINO 
  IN LIEU OF CASH 
  PAYMENTS 
  FOR DIRECTOR 
  FEES                   915,896,704   902,555,216          2,032,840                  0   11,308,648          211,200 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 11 - 
  APPROVAL TO 
  ISSUE SHARES TO 
  SQM IN LIEU OF 
  FEES PAYABLE 
  UNDER A 
  TECHNICAL 
  SERVICES 
  AGREEMENT              915,894,204   913,697,987          2,032,840                  0      163,377          213,700 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 Resolution 12 - 
  DISAPPLICATION 
  OF PRE-EMPTION 
  RIGHTS IN 
  CONNECTION WITH 
  THE FUNDRAISE          915,907,870   913,688,320          2,032,840                  0      186,710          200,034 
                   -----------------  ------------  -----------------  -----------------  -----------  --------------- 
 

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September 18, 2020 06:00 ET (10:00 GMT)