https://www.engineeringnews.co.za

Kropz submits quarterly funding drawdown requests

17th June 2021

By: Tasneem Bulbulia

Deputy Editor Online

     

Font size: - +

Aim-listed emerging African phosphate explorer and developer Kropz has made its quarterly drawdown requests under the equity facilities with its major shareholder, the African Rainbow Capital (ARC) Fund.

Kropz has two equity facilities, with the first being for an amount of $40-million, and the second for an amount of up to $5-million.

The fifth drawdown under the original equity facility is for $11-million, which will be settled by the issue of 140.1-million new ordinary shares to ARC on June 23.

Moreover, Kropz has made the second drawdown request of $2-million under the new equity facility. This drawdown will be settled through the issue of 34.7-million new ordinary shares to ARC on June 23.

The next drawdowns are expected to be made on or about September 10 and quarterly thereafter, in line with the terms of the original and new equity facilities.

The proceeds drawn down from the original and new equity facilities will be applied to the continuing workstreams on the Elandsfontein project in South Africa and the Hinda project in Congo-Brazzaville.

Following the issue of the 174.9-million ordinary shares in Kropz, ARC Fund will directly hold 708.8-million ordinary shares, representing 82.7% of the company’s issued share capital.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.054 0.091s - 140pq - 2rq
Subscribe Now