MoneyAM MoneyAM
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Research   Share Price   Awards   Indices   Market Scan   Company Zone   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Stock Screener   Forward Diary   Forex Prices   Director Deals   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Videos   Comparison Tables   Spread Betting   Broker Notes   Shares Magazine 
You are NOT currently logged in

 
Filter Criteria  
Epic: Keywords: 
From: Time:  (hh:mm) RNS:  MonAM: 
To: Time:  (hh:mm)
Please Note - Streaming News is only available to subscribers to the Active Level and above
 


Kore Potash seeks more capital for DRC project as interim loss narrows

ALN

Kore Potash PLC on Tuesday said it needs additional capital for its potash project in Africa after reporting its interim loss narrowed, while it managed to remain solvent.

The London-based owner of the Kola and DX potash projects in Republic of Congo. Potash is used mainly as an agricultural fertiliser.

For the six months that ended June 30, pretax loss narrowed to $464,983 from $903,210 a year earlier.

Both loss per share and headline loss per share shrank to 0.01 US cents from 0.03 cents.

As at June 30, total liabilities fell by 29% to $572,443 from $803,090 as at June 30, 2022. Current assets were $2.7 million as at June 30, while current liabilities were $572,443.

Cash and cash equivalents dwindled to $2.5 million as at June 30, down 67% from $7.6 million at June 30, 2022. They stood at $5.0 million as at December 31. Kore said the decline in cash resources was due to exploration and evaluation expenditure, and Kore Potash operating expenditure.

Kore said it will need to access additional capital in fourth quarter of 2023 for the working capital requirements for Kore for the period up to receiving and accepting the engineering, procurement and construction contract proposal from SEPCO Electric Power Construction Corp.

Early last month, Kore said it had entered into a revised agreement that will see SEPCO provide the company with an engineering, procurement and construction contract by the end of January 2024 for the construction of the Kola Potash project.

It said then it will contribute up to $5 million to get this contract ready for the construction of the Kola project.

On August 8, the company announced the successful completion of a $1.0 million fund raise.

In London, shares in Kore were flat at 0.62 pence on Tuesday morning, while it was unchanged at 16 rand cents in Johannesburg.

Copyright 2023 Alliance News Ltd. All Rights Reserved.