1 Sep 2022 10:33
1 September 2022
Kropz Plc
("Kropz" or the "Company")
Drawdown on Bridge Loan Facility
Kropz Plc (AIM: KRPZ), an emerging African phosphate producer and developer, announced on 9 August 2022 that it had entered into a new bridge loan facility of ZAR 121.5 million (the "Loan") with its major shareholder, the ARC Fund, to meet immediate cash requirements due to further delays in the ramp up of operations at Kropz Elandsfontein (Pty) Ltd ("Elandsfontein"). Progress continues to be made, however, in the ramp up.
The first draw down on the Loan for an amount of ZAR 60 million was made on 9 August 2022. A further draw down of ZAR 47 million will be made today to cover immediate funding requirements at Elandsfontein.
Kropz and ARC Fund are currently working on a comprehensive funding structure to finance any further funding requirements in Kropz.
The Company will provide further updates in due course.
For further information visit www.kropz.com or contact:
Kropz Plc | Via Tavistock |
Mark Summers (CEO) | +44 (0) 207 920 3150 |
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Grant Thornton UK LLP | Nominated Adviser |
Samantha Harrison Harrison Clarke George Grainger Ciara Donnelly | +44 (0) 20 7383 5100 |
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Hannam & Partners | Broker |
Andrew Chubb Ernest Bell | +44 (0) 20 7907 8500 |
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Tavistock | Financial PR & IR (UK) |
Nick Elwes Jos Simson Emily Moss | +44 (0) 207 920 3150 kropz@tavistock.co.uk |
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R&A Strategic Communications | PR (South Africa) |
James Duncan | +27 (0) 11 880 3924 james@rasc.co.za |
About Kropz Plc
Kropz is an emerging African producer and developer of plant nutrient feed minerals with phosphate projects in South Africa and in the Republic of Congo. The vision of the Group is to become a leading independent phosphate rock producer and to develop into an integrated, mine-to-market plant nutrient company focusing on sub-Saharan Africa.
-ENDS-
Kropz Plc (KRPZ)