Kore Potash secures $10.6m funding for potash project

Kore Potash (JSE:KP2) has successfully secured approximately US$10.1 million (£7.7 million) before expenses via a placing and direct subscriptions of new ordinary shares. This funding aims to advance the 97%-owned Sintoukola Potash Project ("Kola") in the Republic of Congo. The placing and subscriptions were priced at 1.7 pence per share. The Company intends to use US$5.8 million of the funds to settle optimization work payments to PowerChina International Group. Approximately US$850,000 is allocated for Environmental and Social Impact Assessment updates, and US$150,000 for legal and advisory costs, with the balance allocated for working capital. Chairman David Hathorn intends to participate with a US$0.5 million subscription, pending shareholder approval. SP Angel and Shore Capital acted as joint UK bookrunners, while Kela Securities coordinated the South African element. The new shares are expected to be admitted to trading on AIM, JSE, and ASX around March 27, 2025.