Wrap Text
Fundraise to raise approximately US$12.2 million (£9.2 million)
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")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION
OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE
OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR") AND THE SOUTH AFRICAN
FINANCIAL MARKETS ACT 19 2012.
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, JAPAN, NEW ZEALAND,
OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFERING OF
SECURITIES FOR SALE IN THE UNITED STATES OF AMERICA AND NO SECURITIES HAVE BEEN OR WILL
BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT 1933, AS AMENDED OR UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES OF AMERICA.
THIS ANNOUNCEMENT MAY BE RELEASED, PUBLISHED OR DISTRIBUTED BY THE COMPANY FOR
INFORMATION PURPOSES ONLY IN ACCORDANCE WITH ITS CONTINUOUS DISCLOSURE
OBLIGATIONS UNDER APPLICABLE LAWS INCLUDING THE REQUIREMENTS OF JSE LIMITED AND THE
AUSTRALIAN SECURITIES EXCHANGE.
For immediate release
20 November 2025
Fundraise to raise approximately US$12.2 million (£9.2 million)
Kore, 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 it has conditionally raised approximately US$12.2 million (£9.2 million), before
expenses, by way of direct subscriptions of new ordinary shares ("New Ordinary Shares") in the
Company at a price of 2.9 pence per share (the "Issue Price") with certain eligible existing shareholders
and new institutional and other investors (the "Fundraise").
Highlights
• The proceeds of the Fundraise will be utilised as follows:
Use of Funds US$m
Final outstanding Payment to PowerChina International Group 2.2
Limited for optimisation work undertaken in 2022 and 2023 as EPC
contractor to the Company
Environmental and Social Impact Assessment ("ESIA") update 0.8
Advisory/Legal Costs 3.0
Early test works support 0.2
Working Capital & Fundraise Cost 6.0
Total: 12.2
• The Directors believe the net proceeds of the Fundraise will provide sufficient working capital
for the Company to implement its strategy for at least the next 12 months.
• The New Ordinary Shares proposed to be issued pursuant to the Fundraise will be issued within
the Company's existing ASX Listing Rule 7.1 capacity.
• Certain South African investors, who fall within the exemptions set out in section 96(1)(a)
and/or (b) of the South African Companies Act 71 of 2008 ("South African Companies Act")
have agreed to participate in the Fundraise under the South African Reserve Bank approval
received on 22 August 2025 for up to US$10 million.
• The Company's two largest shareholders, the Oman Investment Authority ("OIA") and
Sociedad Quimica y Minera ("SQM") have been offered the opportunity to subscribe for new
ordinary shares in the Company at the Issue Price, in order to preserve their respective
shareholdings in the Company. OIA and SQM have up to 20 business days to inform the
Company if they intend to subscribe and such participation would be a related party
transaction for the purposes of AIM Rule 13. Any participation by OIA and SQM would be in
addition to funds raised via the Fundraise and would be subject to shareholder approval at a
general meeting of shareholders as required under ASX listing rule 10.11.3.
• The New Ordinary Shares will rank equally with the Company's existing ordinary shares.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the 319,688,816 New Ordinary Shares
which are being issued pursuant to the Fundraise to be admitted to trading on AIM and application
has also been made for such shares to be admitted to trading on JSE Limited and ASX ("Admission"). It
is expected that Admission to the AIM market of the London Stock Exchange will take place at 8.00
a.m. on or about 25 November 2025.
Application
Following Admission and the issue of the 319,688,816 New Ordinary Shares, the Company's issued
share capital will consist of 5,175,938,315 ordinary shares. Accordingly, following Admission the total
number of voting rights in the Company will be 5,175,938,315. This figure may be used by shareholders
as the denominator for the calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
For the purposes of this announcement, the following exchange rates have been used:
1 GBP = US$ 1.32
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 and Joint Broker Tel: +44 (0) 20 7470 0470
Richard Morrison
Charlie Bouverat
Shore Capital – Joint Broker Tel: +44 (0) 20 7408 4050
Toby Gibbs
James Thomas
Tavistock Communications
Emily Moss Tel: +44 (0) 20 7920 3150
Nick Elwes
Questco Corporate Advisory – JSE Sponsor Tel: +27 (63) 482 3802
Doné Hattingh
Market Abuse Regulation
This announcement is released by Kore Potash plc and contains inside information for the purposes of
the UK version of the EU Market Abuse Regulation (EU 596/2014) ("UK MAR") and is disclosed in
accordance with the Company's obligations under MAR. The person who arranged for the release of
this announcement on behalf of Kore Potash plc was David Hathorn, Chairman.
Important Notices
This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue,
or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The distribution of this announcement and the offering of the New Ordinary Shares in certain
jurisdictions may be restricted by law. No action has been taken by the Company, Shore Capital or SP
Angel that would permit an offering of such shares or possession or distribution of this announcement
or any other offering or publicity material relating to such shares in any jurisdiction where action for
that purpose is required. Persons into whose possession this announcement comes are required by
the Company, Shore Capital and SP Angel to inform themselves about, and to observe such restrictions.
This announcement does not constitute an offer to sell or an invitation to subscribe for, or solicitation
of an offer to subscribe for or buy any Ordinary Shares or other securities of the Company to any person
in Australia. This announcement is not, and does not purport to be, a document containing disclosures
to investors for the purposes of Part 6D.2 of the Australian Corporations Act 2001 (Cth) and will not be
filed with and has not been reviewed or approved by the Australian Securities and Investments
Commission.
This announcement contains no "offer to the public" and does not constitute a "registered prospectus"
as such expressions are defined in Chapter 4 of the South African Companies Act. This announcement
does not constitute a pre-listing statement prepared in accordance with the JSE Limited's Listings
Requirements.
This announcement is being issued by and is the sole responsibility of the Company. No representation
or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or
liability is or will be accepted by SP Angel, Shore Capital, nor any of their affiliates or agents (or any of
their respective directors, officers, employees or advisers) for the contents of this announcement, or
any other written or oral information made available to or publicly available to any interested party or
its advisers, or any other statement made or purported to be made by or on behalf of SP Angel, Shore
Capital or any of their affiliates in connection with the Company or the Fundraise and any responsibility
therefor is expressly disclaimed. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be accepted by SP Angel, Shore Capital,
or any of their affiliates, agents, directors, officers or employees as to, or in relation to, the accuracy
or completeness of this announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability therefore is expressly
disclaimed.
Forward-looking statements
Certain statements, beliefs and opinions in this announcement are forward-looking, which reflect the
Company's or, as appropriate, the Company's directors' current expectations and projections about
future events. By their nature, forward-looking statements involve a number of risks, uncertainties
and assumptions that could cause actual results or events to differ materially from those expressed or
implied by the forward-looking statements. These risks, uncertainties and assumptions could
adversely affect the outcome and financial effects of the plans and events described herein. Forward-
looking statements contained in this announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will continue in the future. Except as required
by applicable law or regulation, the Company does not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or
otherwise. You should not place undue reliance on forward-looking statements, which speak only as
of the date of this document.
Further notices
SP Angel, which is authorised and regulated by the Financial Conduct Authority ("FCA") in the United
Kingdom, is acting exclusively for the Company as Joint Broker and Nominated Adviser and no one else
in connection with the matters referred to in this announcement and will not be responsible to anyone
other than the Company for providing the protections afforded to the customers of SP Angel or for
providing advice in relation to the matters described in this announcement. SP Angel has not
authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted
by SP Angel for the accuracy of any information or opinions contained in this announcement or for the
omission of any material information. The responsibilities of SP Angel as the Company's Nominated
Adviser under the AIM Rules for Companies and the AIM Rules for Nominated Advisers are owed solely
to London Stock Exchange plc and are not owed to the Company or to any director or shareholder of
the Company or any other person, in respect of its decision to acquire shares in the capital of the
Company in reliance on any part of this announcement, or otherwise. SP Angel will not be responsible
to anyone other than the Company for providing the protections afforded to its clients or for providing
advice in relation to the Fundraise or any other matters referred to in this announcement.
Shore Capital is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for
the Company as Joint Broker and no one else in connection with the matters referred to in this
announcement and will not be responsible to anyone other than the Company for providing the
protections afforded to the customers of Shore Capital or for providing advice in relation to the matters
described in this announcement. Shore Capital has not authorised the contents of, or any part of, this
announcement, and no liability whatsoever is accepted by Shore Capital for the accuracy of any
information or opinions contained in this announcement or for the omission of any material
information.
No statement in this announcement is intended to be a profit forecast or estimate, and no statement
in this announcement should be interpreted to mean that earnings per share of the Company for the
current or future financial years would necessarily match or exceed the historical published earnings
per share of the Company.
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or
indirect) that may be associated with an investment in the New Ordinary Shares. The price of Ordinary
Shares and any income expected from them may go down as well as up and investors may not get back
the full amount invested upon disposal of the shares. Past performance is no guide to future
performance, and persons needing advice should consult an independent financial adviser.
Neither the content of the Company's website nor any website accessible by hyperlinks on the
Company's website is incorporated in, or forms part of, this announcement.
Date: 20-11-2025 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
