Wrap Text
Fundraise of US$10.6 million – Chairman’s participation
Kore Potash plc
(Incorporated in England and Wales)
Registration number 10933682
ASX share code: KP2
AIM share code: KP2
JSE share code: KP2
ISIN: GB00BYP2QJ94
CDI ISIN: AU000000KP25
("Kore Potash" or the "Company")
02 April 2025
Fundraise of US$10.6 million – Chairman's participation
Kore Potash, the potash exploration and development company whose flagship asset is the 97%-
owned Sintoukola Potash Project ("Kola" or the "Kola Project"), located within the Republic of Congo
("RoC"), is pleased to announce that, following the publication of the Company's 2024 Annual Report,
the restriction of the Company's Directors and senior management from trading in the Company's
shares has ceased and David Hathorn, Chairman, will now subscribe for new ordinary shares of
US$0.001 each in the Company ("New Ordinary Shares").
Chairman's Participation in the Fundraise
As outlined in the announcement dated 21 March 2025, David Hathorn will now subscribe for new
Ordinary Shares at a price of 1.7 pence per share (the "Placing Price") for a total consideration of
US$0.5 million (£0.38 million) via two separate trusts, the Belle Terre Trust and Stapleford Trust (the
"PDMR Subscription"). The trusts are associated with David Hathorn, a related party of the Company
as defined by AIM Rule 13 and ASX Listing Rule 10.11.1., with 11,322,464 new ordinary Shares of
US$0.001 in the Company being issued to the Belle Terre Trust and 11,322,464 new ordinary Shares of
US$0.001 in the Company being issued to the Stapleford Trust, resulting in 22,644,928 new ordinary
shares being issued in aggregate. Participation by the trusts will be deemed as a related party
transaction for the purposes of ASX Listing Rule 10.11.1 and accordingly require relevant shareholder
approvals at a General Meeting, the details of which will be advised in due course.
The Proposed PDMR Subscription would provide US$0.5m of additional working capital in addition to
the funds raised through the Placing and Subscription as detailed in the 21 March 2025 announcement.
As noted in the 21 March 2025 announcement, David Hathorn is a director of the Company and the
PDMR Subscription is deemed to constitute a related party transaction for the purposes of AIM Rule
13. The directors of the Company, other than David Hathorn, having consulted with the Company's
nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the PDMR Subscription
are fair and reasonable insofar as shareholders of the Company are concerned.
This announcement has been approved by the Board of Kore Potash plc.
Enquiries:
Kore Potash Tel: +44 (0) 20 3963 1776
Andre Baya – CEO
Andrey Maruta - CFO
SP Angel – Nomad, Joint Broker and Joint Bookrunner Tel: +44 (0) 20 7470 0470
Ewan Leggat
Charlie Bouverat
Shore Capital – Joint Broker and Joint Bookrunner Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Tavistock Communications Tel: +44 (0) 20 7920 3150
Emily Moss
Nick Elwes
Questco Corporate Advisory – JSE Sponsor Tel: +27 (63) 482 3802
Done Hattingh
Notification of transaction by Person Discharging Managerial Responsibilities ("PDMR")
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Belle Terre Trust
2 Reason for the notification
a) Position/status A Trust closely associated with David
Hathorn, Chairman
and PDMR
b) Initial notification/Amendment -
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name Kore Potash Plc
b) LEI 213800NWX7EHG4UVC107
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have
been conducted
a) Description of the financial Ordinary Shares of US$0.001 each
instrument, type of instrument
-
Identification code
GB00BYP2QJ94
b) Nature of the transaction Conditional Subscription for 11,322,464 ordinary
shares of US$0.001 each.
c) Price(s) and volume(s) Price: 1.7 pence
Volume: 11,322,464
d) Aggregated information Price: 1.7 pence
Volume: 11,322,464
e) Date of the transaction 02 April 2025
f) Place of the transaction London Stock Exchange
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Stapleford Trust
2 Reason for the notification
a) Position/status A Trust closely associated with David Hathorn, Chairman
and PDMR
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Kore Potash Plc
b) LEI 213800NWX7EHG4UVC107
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial Ordinary Shares of US$0.001 each
instrument, type of instrument
-
-
Identification code GB00BYP2QJ94
b) Nature of the transaction Conditional Subscription for 11,322,464 ordinary shares of
US$0.001 each.
c) Price(s) and volume(s) Price: 1.7 pence
Volume: 11,322,464
d) Aggregated information Price: 1.7 pence
Volume: 11,322,464
e) Date of the transaction 02 April 2025
f) Place of the transaction London Stock Exchange
Date: 02-04-2025 08:00:00
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