The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
25 October 2017
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
Completion of Placing
African Potash, is pleased to announce that it has completed a private placing to raise £60,000 before expenses (the 'Subscription'), pursuant to which, the Company will issue 100,000,000 new ordinary shares of no par value (the 'Subscription Shares') at a price of 0.06 pence per new ordinary share. The proceeds from the Subscription will be used for working capital purposes and to further support and develop the Company's fertilizer trading business.
The Subscription Shares will, on issue, amount to 4.79% of the enlarged issued share capital of the Company.
The 100,000,000 new ordinary shares will be admitted to trading on NEX Growth Market today, 25 October 2017. The Subscription Shares will rank pari passu with the existing ordinary shares.
In addition, the Company has granted warrants to Alexander David Securities Limited over 56,283,374 shares of the enlarged share capital at a price of 0.06 pence per share, valid for three years from the date of ADSL's appointment.
Following the issue of the Subscription Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 2,087,223,583 ordinary shares of no par value in issue each with voting rights. The Company does not hold any shares in treasury. The above figure of 2,087,223,583 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 share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for the content of this announcement.
For further information visit www.africanpotash.com or contact the following:
For further information, please contact:
African Potash Limited
Chris Cleverly +44 (0) 20 7408 9200
NEX Exchange Corporate Adviser:
Alexander David Securities Limited
David Scott - Corporate Finance +44 (0) 20 7448 9820
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820