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African Potash Ltd. (AFPO)
African Potash Ltd.: Placing to raise GBP400,000 and General Meeting
16-Nov-2017 / 16:32 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.
16th November 2017
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
Placing to raise GBP400,000 and General Meeting
African Potash, is pleased to announce that it has secured funding of
approximately GBP400,000 before expenses by way of a placing of new ordinary
shares (the "Placing").
The proceeds from the placing will be used for working capital purposes, to
further support and develop the Company's African fertilizer trading
businesses and in preparation for the deployment of a proprietary 'eVoucher'
payment system using blockchain technology. Furthermore, the Company will
undertake a review of its strategy and corporate branding in Africa in
relation to the utilisation of blockchain and how it will fundamentally
change its supply chain and eVoucher scheme there. It will inform the market
and shareholders once this is completed.
Pursuant to the placing the Company will issue:
· 271,000,000 new ordinary shares (the "Initial Placing Shares") at a
price of 0.025p each on 1 7 November 2017, raising approximately GBP68,000
· 1,329,000,000 new ordinary shares (the "Subsequent Placing Shares") at a
price of 0.025p each on or around 15 December 2017, raising approximately
GBP332,000, subject to shareholder approval being granted to the relevant
resolutions at the Company's General Meeting which will be held on 13
December 2017.
Chris Cleverly, Executive Chairman, said, "the Company has a short term
working capital requirement and is looking to expand its African fertilizer
trading capacity. This it intends to do through the deployment of a
blockchain-based funding and financing solution. This will provide a secure
payment mechanism (an eVoucher) for farmers borrowing to purchase fertiliser
from the Company. It will also ensure the reimbursement of the Company and
our funding partners."
Details of the Placing
The Company has conditionally raised GBP400,000 (before expenses) through the
issue of 1,600,000,000 new ordinary shares of no par value, (the "Placing
Shares") at a price of 0.025p per share (the "Placing Price") to new and
existing shareholders.
Under the terms of these agreements the Company has also agreed:
To grant to advisors 200 million warrants to subscribe for new ordinary
shares in the Company at a price of 0.025p per share, exercisable for a
period of 5 years following the General Meeting.
Total Voting rights
The Initial Placing Shares will rank pari passu with the existing ordinary
shares and will amount to 11.5% of the enlarged issued share capital of the
Company immediately after they are issued on or around 17 November 2017.
Following the issue of the" Initial Placing Shares, in accordance with the
Financial Conduct Authority's Disclosure and Transparency Rules, the Company
will have 2,358,223,583 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 2,358,223,583 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.
The Directors of the Company accept responsibility for the content of this
announcement.
**ENDS**
For further information visit www.africanpotash.com [1] or contact the
following:
For further information, please contact:
African Potash Limited
Chris Cleverly +44 (0) 20 7408 9200
NEX Exchange Corporate Adviser:
Alexander David Securities Limited
David Scott - Corporate Finance +44 (0) 20 7448 9820
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820
ISIN: GG00B4QYTJ50
Category Code: IOE
TIDM: AFPO
Sequence No.: 4881
End of Announcement EQS News Service
630275 16-Nov-2017
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=7cfd933424f56031988753a0aea19d9b&application_id=630275&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
November 16, 2017 11:34 ET (16:34 GMT)
