Wrap Text
Issue of Equity
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
(“Kore Potash” or the “Company”)
Issue of Equity
Kore Potash plc advises that certain Non-Executive Directors of the Company have been issued new
ordinary shares in the Company in lieu of cash payments (“Remuneration Shares”) as approved at the
General Meeting of the Company held on 18 September 2020 (the “September 2020 General
Meeting”).
Shareholders had previously granted approval for the Company to issue Remuneration Shares to the
Non-Executive Directors for the 4 quarters ended 30 June 2020 at the Company’s general meeting on 17
July 2019 (“July 2019 General Meeting”). However, Non-Executive Director’s fees for the quarter ended
30 June 2020 had been waived by the Board of the Company pending a successful fundraising by the
Company (“the Deferred Term”).
The authority granted by shareholders at the July 2019 General Meeting expired and as part of the
completion of the fundraising in September 2020, the Company sought and was granted approval at the
September 2020 General Meeting to pay some or all of the Non-Executive Director’s fees through the
issue of Remuneration Shares for the 5 quarters ending 30 June 2021, including the Deferred Term (the
“Term”).
Each below mentioned Non-Executive Director has irrevocably elected to receive Remuneration Shares
for the Term. The proportion of the fees to be settled in Remuneration Shares shall remain fixed for
each quarter of the Term.
Accordingly, the number of Remuneration Shares issued to each director under the Deferred Term,
being the quarter ended 30 June 2020, has been calculated as follows:
Percentage of 7-day Number
Annual fee Quarterly fee Remuneration GBP/USD VWAP of shares
David Hathorn US$156,000 US$39,000 55% 1.2399 1.2052 1,435,428
David
Netherway US$80,500 US$20,125 55% 1.2399 1.2052 740,718
Jonathan Trollip US$63,000 US$15,750 55% 1.2399 1.2052 579,692
Total 2,755,838
The number of Remuneration Shares issued to each director for the quarter ended 30 September 2020
has been calculated as follows:
Percentage of 7-day Number
Annual fee Quarterly fee Remuneration GBP/USD VWAP of shares
David Hathorn US$100,000 US$25,000 55% 1.2916 0.6802 1,565,085
David
Netherway US$80,500 US$20,125 55% 1.2916 0.6802 1,259,894
Jonathan Trollip US$63,000 US$15,750 55% 1.2916 0.6802 986,004
Total 3,810,983
Accordingly, a total of 6,566,821 ordinary shares of US$0.001 each have been issued today. Application
has been made for the admission of 6,566,821 ordinary shares of US$0.001 each to AIM, the
Johannesburg Stock Exchange and the Australian Securities Exchange with admission expected to take
place on 16 October 2020.
Following this issue, the Company's issued share capital consists of 2,445,787,533 ordinary shares. No
shares are held in treasury. Accordingly, the total number of voting rights in the Company is
2,445,787,533.
The above figure 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
Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For ASX’s purposes, and having previously obtained shareholder approvals for the issues, the shares
are issued under ASX Listing Rule 10.11.
This announcement has been approved for release by the Board.
ENDS
13 October 2020
JSE Sponsor: Rencap Securities (Pty) Limited
For further information, please visit www.korepotash.com or contact:
Kore Potash Tel: +27 11 469 9140
Brad Sampson – CEO
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson
Edward Lee
Canaccord Genuity – Nomad and Broker Tel: +44 (0) 20 7523 4600
James Asensio
Henry Fitzgerald-O’Connor
Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Jerry Keen
Toby Gibbs
Mark Percy
About Kore Potash’s Projects
Kore Potash is an advanced stage mineral exploration and development company whose primary asset is
97%-owned interest in the Sintoukola project, a potash project located in the Republic of Congo. The
Sintoukola project comprises the Dougou Extension sylvinite Deposit, the Kola sylvinite and carnallite
Deposits, and the Dougou carnallite Deposit. These deposits are within the Dougou and Kola Mining
Licenses. The Sintoukola project also includes the Sintoukola 2 Exploration License.
Sintoukola is located approximately 80 km to the north of the city of Pointe Noire which has a major port
facility, and within 30 km of the Atlantic coast. Sintoukola has the potential to be among the world’s
lowest-cost potash producers and its location near the coast offers a transport cost advantage to global
fertilizer markets.
The Dougou Extension sylvinite Deposit contains a total sylvinite Mineral Resource Estimate of 145 Mt
grading 39.7% KCl, hosted by two seams. The results of a Pre- Feasibility Study (“PFS”) were announced
on 13 May 2020, which determined Ore Reserves of 17.7 Mt with an average grade of 41.7% KCl. Dougou
Extension is located 15 km southwest of Kola. The deposit is open laterally; an Exploration Target for the
northward extension of sylvinite was announced on the 21 November 2018.
The Kola sylvinite Deposit has a Measured and Indicated sylvinite Mineral Resource Estimate of 508
million tonnes grading 35.4% KCl. The results of a Definitive Feasibility Study (“DFS”) were announced on
29 January 2019, which determined Ore Reserves of 152 Mt with an average grade of 32.5% KCl. The
deposit is open laterally; an Exploration Target for the Southward extension of sylvinite was announced
on the 21 November 2018.
The Dougou Extension and Kola sylvinite Deposits are considered high grade relative to most potash
deposits globally and have the advantage of having very low content of insoluble material, less than 0.3%
which provides a further processing advantage.
Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”) in relation
to issue of the Renumeration Shares.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name David Hathorn
2 Reason for the notification
a) Position/status 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 instrument, type Ordinary Shares of US$0.001 each
of instrument
Identification code GB00BYP2QJ94
b) Nature of the transaction Issue of new shares
c) Price(s) and volume(s)
Price: a) 1.2052p
b) 0.6802p
Volume: a) 1,435,428
b) 1,565,085
d) Aggregated information Aggregated volume: N/A
Price: N/A
e) Date of the transaction 13 October 2020
f) Place of the transaction Outside a trading venue
Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name David Netherway
2 Reason for the notification
a) Position/status 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 instrument, type Ordinary Shares of US$0.001 each
of instrument
Identification code GB00BYP2QJ94
b) Nature of the transaction Issue of new shares
c) Price(s) and volume(s)
Price: a) 1.2052p
b) 0.6802p
Volume: a) 740,718
b) 1,259,894
d) Aggregated information Aggregated volume: N/A
Price: N/A
e) Date of the transaction 13 October 2020
f) Place of the transaction Outside a trading venue
Notification of transaction by Person Discharging Managerial Responsibilities (“PDMR”)
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jonathan Trollip
2 Reason for the notification
a) Position/status 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 instrument, type Ordinary Shares of US$0.001 each
of instrument
Identification code GB00BYP2QJ94
b) Nature of the transaction Issue of new shares
c) Price(s) and volume(s)
Price: a) 1.2052p
b) 0.6802p
Volume: a) 579,692
b) 986,004
d) Aggregated information Aggregated volume: N/A
Price: N/A
e) Date of the transaction 13 October 2020
f) Place of the transaction Outside a trading venue
Date: 13-10-2020 08:00:00
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