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Kore Potash has announced the completion of a share subscription

Published by , Editorial Assistant
World Fertilizer,

Kore Potash has announced the completion of a share subscription, which has raised US$0.8 million through the proposed issue of 124 384 000 new ordinary shares of US$0.001 each in the company (subscription shares) to certain eligible existing shareholders at a price of 0.5 pence per share (the subscription price) and the issue of convertible loans by the company with an aggregate value of US$0.2 million (convertible loans) (collectively the fundraise).

The gross proceeds of the fundraise of US$1 million will be used to further advance work that is expected to lead to the delivery of an Engineering, Procurement and Construction contract for the Kola Potash Project, as announced earlier by the company.

The company’s two largest shareholders, the Oman Investment Authority (OIA) and Sociedad Quimica y Minera (SQM) will be offered the opportunity to subscribe for new ordinary shares at the subscription price as is required under their investment agreements with Kore Potash. OIA and SQM have up to 21 business days to inform the Company if they intend to subscribe and any such participation will be deemed a related party transaction for the purposes of AIM Rule 13 and ASX Listing Rule 10.11.3, and will accordingly require relevant shareholder approvals.

Any participation by OIA and SQM would be in addition to funds raised via the fundraise and announced here.

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