Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Raises around $1.3 million after completing a share subscription, through the proposed issue of 91.8 million new shares to certain existing shareholders, as well as new institutional and high net worth investors at 1.1 pence each. Says the net proceeds from the fundraise will be used to further advance the work that is expected to lead to the signing of an engineering, procurement & construction contract for the Kola potash project and provide working capital for Kore Potash. Chair David Hathorn intends to subscribe for 4.3 million new shares for $60,000 via two separate trusts, the Belle Terre Trust and Stapleford Trust. Harlequin Investments Ltd, which owns 13% in Kore, agrees to subscribe to the value of $115,000.
Current stock price in Johannesburg: 30 rand cents, down 9.1% on Monday morning
12-month change: up 88%
Current stock price in London: 1.37 pence, down 5.2%
12-month change: up more than double
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