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KORE POTASH PLC - Purchase of Drill Rigs

Release Date: 06/12/2019 09:00
Code(s): KP2     PDF:  
Wrap Text
Purchase of Drill Rigs

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”)

                                        Purchase of Drill Rigs

Kore Potash plc, the potash exploration and development company whose flagship asset is the 97%-
owned Sintoukola Potash Project (“Kola” or the “Project”), announces that it has today completed the
purchase of two drill rigs and ancillary equipment from Equity Drilling Limited, (the “Vendor”) to be
used for the Company’s current DX Pre-Feasibility Study drilling campaign (all together the
“Acquisition”).

As consideration for the Acquisition, 22,000,000 new Ordinary Shares in the Company are being
issued to the Vendor at a deemed price of 1.225p (being the closing share price on the 3rd of
December 2019).

The Acquisition is in line with the Company’s strategy to undergo its development plans in a cost-
effective manner.

Application has been made for these shares to be admitted to trading on AIM and the JSE Limited on
Wednesday 11 December 2019. These shares rank pari passu with the existing Ordinary shares in
issue.

Following this issue, the Company's issued share capital consists of 1,537,441,166 shares. No shares
are held in treasury. Accordingly, the total number of voting rights in the Company is 1,537,441,166.

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.

Commenting on this announcement, Brad Sampson, CEO of Kore Potash said:

“In addition to being the most cost effective way to complete the DX Pre-Feasibility Study drilling
programme this equipment may also be used for any future project development related drilling.”

6 December 2019
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 4090
Jerry Keen
Toby Gibbs
Mark Percy

Date: 06-12-2019 09:00:00
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