|The following are the company's maiden interim results therefore there are no comparatives. Loss for the period from continuing operations was recorded at USD4.6 million and basic loss per share was USD0.56 cents per share.|
|Kore announced the approval of a licence for the transhipment of potash and the discharge of waste brine in a dedicated offshore area (the ?Offshore Area?).|
- A licence for the Company to use an Offshore Area for the transhipment of potash and the discharge of waste brine has been authorised by the Minister of Transport, Civil Aviation and Merchant Marine of the Republic of Congo (the ?Maritime Authorisation?).
- The licence approves the transhipment location in what is considered the optimum location.
- This Maritime Authorisation is one of the pre-requisites to commencement of construction of offshore infrastructure in the Republic of Congo.
- This Maritime Authorisation relates to the Kola Project and to the Dougou and Dougou Extension Projects, is granted for twenty-five years and renewable for the life of the projects.
- This Authorisation represents another important step forward towards the development of the Kola Project.
|The Company notes the resignations of Messrs Pablo Altimiras (23 May 2018) and Sean Bennett (4 June 2018) as well as the appointments of Messrs Jose Antonio Merino (23 May 2018) and Brad Sampson (4 June 2018), as previously advised to the market on 23 May 2018 and 30 May 2018.|
Included is a copy of a change in director?s interest notice for Mr Bennett reflecting the redemption of his redeemable preference shares, the conversion of certain Chess Depository Interests (?CDI?s?) equivalents to issued capital (listed on the ASX) to fully paid ordinary shares (listed on AIM) and the cancellation of certain performance rights held by Mr Bennett following his resignation on 4 June 2018. Further included is copies of the Final Directors Interest Notices and Initial Director Interest Notices for the aforementioned Directors.
The Company notes the lodgement of these notices is outside the time prescribed by the ASX listing rules. The late lodgement was due to an administrative oversight. The Company, and each of the Directors affected, is aware of the requirements under ASX Listing Rules 3.19A and 3.19B. The administrative oversight has not affected the Company?s current arrangement for ensuring timely notification in accordance with the listing rules.
|Included is a copy of a change in director?s interest notice for Mr Hathorn, the Company?s Chairman, reflecting the previous redemption of his redeemable preference shares and the conversion of certain Chess Depository Interests (?CDI?s?) equivalents to issued capital (listed on the ASX) to fully paid ordinary shares (listed on AIM) which occurred on 23 March 2018 and 2 May 2018 respectively.|
The Company note the lodgement of the notice is outside the time prescribed by the ASX listing rules. The late lodgement was due to an administrative oversight. The Company, and Mr Hathorn, is aware of the requirements under ASX Listing Rules 3.19A and 3.19B. The administrative oversight has not affected the Company?s current arrangement for ensuring timely notification in accordance with the listing rules.
The change in director?s interest notice further reflects the recent issue of fully paid ordinary shares, equity warrants, performance rights and unlisted options following shareholder approvals at the recently held Annual General Meeting.
|Kore Potash advise that 1 500 000 unlisted options exercisable at AUD0.33 each expired unexercised on 26 June 2018.|
|Kore Potash announces that the resolutions put to its annual general meeting (?AGM?) held earlier on Wednesday 27 June 2018, were duly passed. |
The Company also advises that a change to the wording of resolution 24 was put to the AGM. Due to a typographical error, the resolution made reference to an aggregated nominal amount of US286 411 481 instead of US257 770 (being approximately 30% of the Company?s share capital). No objections were received to the amended wording and with the consent of the meeting resolution 24 was passed in its amended form.
The resolutions were all passed on a show of hands.
|Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project (?Kola? or the ?Project?), is pleased to advise that the company will be holding its first Annual General Meeting at 09:30 a.m. (UK) on 27 June 2018 at The Shard, Level 8, 32 London Bridge Street, London SE1 9SG. A circular to shareholders, incorporating the notice of the company?s AGM for 2018, together with forms of proxy and forms of instruction and the 2017 Annual Report have been sent today to registered shareholders.|
The company's annual report was also today, 1 June 2018, released on the Australian Stock Exchange ("ASX") as required under the listing rules of the ASX.
The company also advises that an ASX Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and its current Corporate Governance Statement have been released today and will shortly be available on the company's website: www.korepotash.com
Copies of the meeting materials are available on the company?s website at www.korepotash.com.
|Kore Potash, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project (?Kola? or the ?Project?), is pleased to announce the appointment of Mr Stuart Bradley (?Brad?) Sampson, aged 52, as Chief Executive Officer (?CEO?) and director, effective from 4 June 2018.|
Brad, a mining engineer, has more than 25 years? resources industry experience across numerous locations including West and Southern Africa. In addition to significant mine development and operating experience, Brad has held leadership positions at several publicly listed companies.
Brad was most recently CEO of Australian Securities Exchange (?ASX?) listed Tiger Resources Ltd., a copper producer in the Democratic Republic of the Congo which in January 2018 entered into a binding agreement to sell its assets to a Chinese group for US$250m. Prior to this, Brad held senior positions at Newcrest Mining Ltd, one of the world?s largest gold mining companies, including General Manager of Newcrest?s West African operations. From 2008 to 2013, Brad was the CEO of AIM/ASX listed Discovery Metals Ltd, where he was hired to lead the project financing, construction and subsequent production of the Company?s flagship copper asset in Botswana. Other notable positions include General Manager at Goldfields? operations in South Africa and Australia.
The outgoing CEO, Sean Bennett, will step down on 4 June 2018. As disclosed in the Company?s recent AIM admission document, Sean will remain available to the Company to support the financing developments.
|Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project (?Kola? or the ?Project?), is pleased to announce the appointment of Mr Jos? Antonio Merino as a Non-Executive Director of the Board nominated by Sociedad Qu?mica y Minera de Chile S.A. (?SQM?) with immediate effect. Jos? Antonio replaces Pablo Altimiras, whose resignation was announced on 26 April 2018. Further to that announcement, Pablo?s resignation from the Board will be effective immediately.|
|Kore Potash, the potash exploration and development company whose flagship asset is the Company?s 97%-owned Sintoukola Potash Project (?Kola? or the ?Project?), located within the Republic of Congo, today released an announcement on the Australian Securities Exchange ("ASX"), as required under the listing rules of the ASX.|
|Kore Potash notes the recently published TR-1 notification from Harlequin Investments Ltd. (?Harlequin?) and confirms that based on the information provided by Harlequin, the interests as set out on page 390 of the Company?s admission document dated 26 March 2018 (?Admission Document?), were incorrect.|
Prior to Admission, Harlequin had an interest of 103 500 000 ordinary shares (13.42% of issued ordinary shares) and not 102 938 608 ordinary shares as stated in the Admission Document. Harlequin did not subscribe nor receive any ordinary shares or equity warrants in the placing in conjunction with the Admission Document (?Placing?), as opposed to the Admission Document which states that Harlequin received 4863 828 ordinary shares and 750 000 equity warrants in the Placing. As such, following Admission, Harlequin?s interest was 103 500 000 ordinary shares, representing 12.05% of issued ordinary shares.
The placing of 4 863 828 ordinary shares and 750 000 equity warrants as part of the Placing was received by David Stevens, a beneficiary but not associate of Harlequin in their own personal capacity.
|Kore announced that it has received confirmation from Mr Pablo Altimiras, a Non-Executive Director of the Company and Board appointee of Sociedad Quimica y Minera (?SQM?), of his intention to resign from his position effective at the Company?s next AGM. It is SQM?s intention to appoint a replacement Non-Executive Director in due course and SQM has confirmed that it remains fully supportive of the Company and looks forward to working with the Company to achieve its objective of becoming one of the world?s lowest cost potash producers.|
Mr Altimiras will be leaving for personal reasons. The Company is grateful for his contributions over the past year and wishes him well in his future endeavours.
|Kore announced a decision by ASX in response to the Company?s application for a waiver of ASX Listing Rule 2.4 and ASX Listing Rule 2.8. These waivers relate to the ASX quotation of CDIs on issue, as distinct from the total number of ordinary shares on issue, and the lodgement of Appendix 3Bs relating to the net change in the number of CDIs issued in the Australian market.|
The grant of these waivers will reduce the administrative burden on the Company while ensuring that the market is updated regularly about the number of CDIs in existence.
|Kore refers to the ASX announcement dated 26 March 2018 in relation to the issue of 83 523 344 new ordinary shares (Shares) in the capital of the Company (equivalent to 83,523,344 CHESS Depositary Interests (CDIs)) to existing and new investors at AUD0.20 per Share to raise USD12.89 million (Placement Shares).|
The Placement Shares were issued on 29 March 2018 and rank equally with the Company?s existing ordinary shares on issue. On conversion of the Placement Shares to CDIs, those CDIs will rank equally with all other CDIs on issue.
The Company also notes the issue of a further 4 315 333 Shares (equivalent to 4 315 333 CDIs) to Canaccord Genuity Ltd. and Rencap Securities (Pty) Ltd. at AUD0.12 per Share, for a total of AUD517 840, as part of their placing fees for the Placement Shares (Placing Fee Shares). The Placing Fee Shares were issued under the Company?s existing 15% placement capacity under Listing Rule 7.1.
The Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Corporations Act) as modified by ASIC Class Order 14/827 that:
- the Placement Shares and Placing Fee Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;
- as at the date of this notice, the Company has complied with section 601CK and section 674 of the Corporations Act; and
- as at the date of this notice, there is no "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act which is required to be disclosed under section 708A(6)(e) of the Corporations Act.
|The following are the company's maiden results for the year following its listing, therefore there are no comparatives. Loss attributable to owners of the company was USD4.3 million and loss per share was recorded at USD0.57 cents per share.|
Dividends paid or recommended
In respect of the year ended 31 December 2017, no dividends have been paid or declared since the start of the financial year and the directors do not recommend the payment of a dividend in respect of the financial year.
Annual general meeting (?AGM?)
This report and financial statements will be presented to shareholders for their approval at the AGM. The Notice of the AGM will be distributed to shareholders together with the annual report.
|Kore Potash plc (ASX:KP2) is an advanced stage mineral exploration and development company that is incorporated in the United Kingdom and is in the process of an AIM listing. The primary asset of KP2 is the 97%-owned Sintoukola Potash SA (SPSA) in the Republic of Congo. SPSA has 100% ownership of the Kola Mining Lease within which the Company?s lead project, the Kola Sylvinite Deposit (Measured and Indicated Potash Mineral Resource of 508 million tonnes grading 35.4% KCl) is located. SPSA also has 100% ownership of the Dougou Mining Lease within which the Dougou Carnallitite Deposit (Measured and Indicated Potash Mineral Resource of 1.1 billion tonnes grading 20.6% KCl) and the Dougou Extension Sylvinite Prospect are situated.|