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African Potash Ltd. (AFPO)
African Potash Ltd.: Subscription and Appointment of Corporate Advisor
17-Jul-2017 / 16:45 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
The information communicated within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public domain.
17 July 2017
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
Subscription and Appointment of Corporate Advisor
African Potash, is pleased to announce:
· a subscription to raise GBP50,000 before expenses (the 'Subscription'),
pursuant to which, the Company will issue 111,111,111 new ordinary shares
of no par value (the 'Subscription Shares') at a price of 0.045 pence per
new ordinary share; and
· the appointment of Alexander David Securities Limited as the Company's
as the Company's NEX Exchange Corporate Adviser effect from 13 July 2017
(the 'Appointment'). Once the Appointment takes effect, the Company will
work to have the current suspension of trading in the Company's shares on
the NEX Exchange Growth Market lifted; further announcements will be made
in this regard in due course.
In addition to issuing the Subscription Shares as part of the Subscription
the Company has agreed to issue 111,111,111 warrants to subscribe for new
ordinary shares in the Company under a warrant instrument to be constituted
by the Company, with an exercise price of 0.045p and a term of 90 days from
the date on which the suspension on trading in the Company's shares on the
NEX Exchange Growth Market is lifted.
The proceeds from the Subscription will be used towards creditor
settlements, general working capital and towards further efforts to develop
the company's trading operations in Africa, primarily focussed on Zambia at
this time.
The Subscription Shares, which amount to 5.59% of the enlarged issued share
capital of the Company immediately after the Subscription, were issued on 14
July 2017. The Subscription Shares rank pari passu with the existing
ordinary shares.
Following the issue of the Subscription Shares and the Fee Shares, in
accordance with the Financial Conduct Authority's Disclosure and
Transparency Rules, the Company will have 1,987,223,583 ordinary shares of
no par value in issue each with voting rights. The Company does not hold any
shares in treasury. The above figure of 1,987,223,583 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 share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
African Potash Executive Chairman, Chris Cleverly, said: "This is great news
for everyone involved with our business - from African farmer through to
investor. This cash injection will help underpin the long-term viability of
our business strategy and gives us the capital to make real progress. The
appointment of Alexander David Securities as advisers allows us to work at
regaining our listing on the NEX Exchange Growth Market. We are delighted
that they will be working with us on the next phase of our development."
The Directors of the Company accept responsibility for the content of this
announcement.
For further information, please contact:
African Potash Limited
Chris Cleverly +44 (0) 20 7408 9200
Language: English
ISIN: GG00B4QYTJ50
Category Code: MSCM
TIDM: AFPO
Sequence No.: 4424
End of Announcement EQS News Service
593383 17-Jul-2017
(END) Dow Jones Newswires
July 17, 2017 11:46 ET (15:46 GMT)
