As consideration for the Acquisition, 22 000 000 new Ordinary Shares in the Company are being issued to the Vendor at a deemed price of 1.225p (being the closing share price on 3 December 2019).
The Acquisition is in line with the Company’s strategy to undergo its development plans in a cost-effective manner.
Application has been made for these shares to be admitted to trading on AIM and the JSE Limited on 11 December 2019. These shares rank pari passu with the existing Ordinary shares in issue.
Following this issue, the Company's issued share capital consists of 1 537 441 166 shares. No shares are held in treasury. Accordingly, the total number of voting rights in the Company is 1 537 441 166.
For ASX purposes, the issue is made utilising the Company’s placement capacity under ASX listing rule 7.1.
The above 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 to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Commenting on this announcement, Brad Sampson, CEO of Kore Potash, said: “In addition to being the most cost effective way to complete the DX Pre-Feasibility Study drilling programme this equipment may also be used for any future project development related drilling.”
Read the article online at: https://www.worldfertilizer.com/potash/12122019/kore-potash-purchases-drill-rigs/