African Potash Ltd.: Subscription and Appointment of Corporate Advisor

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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         [phone] 
 
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)