Kropz PLC Results of GM and Equity Facility Draw Down (3916O)

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RNS Number : 3916O

Kropz PLC

29 May 2020

29 May 2020

Kropz Plc

("Kropz" or the "Company")

Results of General Meeting and Equity Facility Draw Down

Kropz Plc (AIM: KRPZ), an emerging African phosphate explorer and developer, is pleased to announce that all the resolutions put to its General Meeting ("GM"), held earlier today Friday, 29 May 2020, were duly passed on a poll. A breakdown of proxy votes lodged prior to the GM will be available shortly on the Company's website.

Equity Facility Draw Down

As announced on 13 May 2020, Kropz entered into a conditional convertible equity facility of up to US$ 40 million (not exceeding a maximum of ZAR 680 million) with the ARC Fund, the Company's major Shareholder ("Equity Facility") which was conditional on, inter alia, passing of the resolutions at today's GM. Once the other conditions to the Equity Facility are satisfied, the Company will make its first quarterly draw down request under the Equity Facility of US$ 8 million. A further announcement will be made in due course in regards to the draw down and the issue of shares as settlement of this tranche which is expected on 10 June 2020.

For further information visit www.kropz.com or contact:

 
 Kropz Plc 
 Mark Summers (Interim CEO)      [phone] 
 
 Grant Thornton UK LLP           Nominated Adviser 
 Richard Tonthat 
  Samantha Harrison 
  Niall McDonald                 [phone] 
 
 Hannam & Partners               Joint Broker 
 Andrew Chubb 
  Ernest Bell                     [phone] 
 
 Mirabaud Securities Ltd         Joint Broker 
 Rory Scott                      [phone] 
  Edward Haig-Thomas              [phone] 
 
 Tavistock                       Financial PR & IR (UK) 
 Emily Moss                      [phone] 
  Jos Simson                      [e-mail] 
  Oliver Lamb 
 
 R&A Strategic Communications    PR (South Africa) 
 James Duncan                    [phone] 
                                  [e-mail] 
 

About Kropz

Kropz is an emerging African phosphate explorer and developer, with an advanced stage phosphate project in South Africa and a phosphate project in the Republic of Congo. The vision of the Group is to become a leading independent phosphate rock producer and to develop into an integrated, mine-to-market plant nutrient company focusing on sub-Saharan Africa.

ENDS

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May 29, 2020 06:48 ET (10:48 GMT)