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Kropz makes third equity facility draw down for $5 million
StockMarketWire.com
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Phosphate explorer and developer Kropz confirmed that it had made its third quarterly drawdown request of $5 million under the equity facility with its major shareholder, the ARC Fund.
The third drawdown would be paid by way of issue of 63,703,704 shares at the issue price of 6.75 pence per ordinary share to the ARC Fund on 10 December 2020, the company said.
The next draw down of the equity facility was expected to be made on or about 10 March 2021 and quarterly thereafter, in line with the terms of the equity facility, the company said.
The proceeds from the drawn down 'will be applied to the continuing workstreams at the Elandsfontein phosphate project. The company will release a full operational update on progress in January 2021,' it aded.
At 9:32am: (LON:KRPZ) share price was 0p at 5.5p
Story provided by StockMarketWire.com
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