Kore Potash PLC Purchase of Drill Rigs (8841V)
December 06 2019 - 2:00AM
UK Regulatory
TIDMKP2
RNS Number : 8841V
Kore Potash PLC
06 December 2019
6 December 2019
Kore Potash Plc
("Kore Potash" or the "Company")
Purchase of Drill Rigs
Kore Potash plc, the potash exploration and development company
whose flagship asset is the 97%-owned Sintoukola Potash Project
("Kola" or the "Project"), announces that it has today completed
the purchase of two drill rigs and ancillary equipment from Equity
Drilling Limited, (the "Vendor") to be used for the Company's
current DX Pre-Feasibility Study drilling campaign (all together
the "Acquisition").
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 the 3rd of
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 Wednesday 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.
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."
For further information, please visit www.korepotash.com or
contact:
Kore Potash Tel: +27 11 469 9140
Brad Sampson - CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson
Edward Lee
Canaccord Genuity - Nomad and Tel: +44 (0) 20 7523 4600
Broker
James Asensio
Henry Fitzgerald-O'Connor
Shore Capital - Joint Broker Tel: +44 (0) 20 7408 4090
Jerry Keen
Toby Gibbs
Mark Percy
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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