Kropz has raised a total of US$353 595 (before expenses) by way of an equity placing with an existing
investor and two directors, Robin Renwick and Mark Summers, at a price of 6.75 pence per
ordinary share.
In conjunction, the company has launched an open offer to existing shareholders to raise up to a further US$4 million, before expenses, at the issue price.
The proceeds will be used to bring the company's Elandsfontein phosphate project, located in South Africa, into production, and subject to funding raised, advance the new feasibility study at its Hinda phosphate project in the Republic of Congo, and for general working capital purposes.