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Fundraising and Directors’ Dealings

Fundraising and Directors’ Dealings

Mon, 27 Feb 2017 08:00:00
: Fundraising and Directors’ Dealings

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.

27 February 2017

AFRICAN POTASH LIMITED
("African Potash" or the "Company")
Fundraising and Directors' Dealings

Further to the announcement made on 6 February 2017, African Potash, is pleased to announce a further subscription to raise £26,550 before expenses (the "Subscription").

Pursuant to the Subscription, the Company will issue 59,000,000 new ordinary shares of no par value (the "Subscription Shares") to raise £26,550 (before expenses) at a price of 0.045 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.

In addition, three of the directors of the Company's (Peter Hain, Mark Simmonds and Simon Dorling) have elected to take their current fees in shares.  Accordingly, the Company has also agreed to issue a total of 118,888,888 new ordinary shares of no par value to these board members (the "Fee Shares"). The interests of the directors in the Company's ordinary share capital following the issue of the Fee Shares, are set out below:

Following issue of Fee Shares

Director

Number of Fee Shares

Number of Shares Held

% of issued Share Capital

Chris Cleverly

0

6,000,000

0.36%

Declan O'Brien

0

0

0.00%

Simon Dorling

40,000,000

42,075,000

2.54%

Elias Pungong

0

0

0.00%

Peter Hain

38,888,888

38,888,888

2.35%

Mark Simmonds

40,000,000

40,000,000

2.42%

The Subscription Shares and the Fee Shares which will, on issue, amount to 10.75% of the enlarged issued share capital of the Company immediately after the Fundraising, will be issued on or around 27 February 2017. The Subscription Shares and the Fee Shares will rank pari passu with the existing ordinary shares.

Following the issue of the Subscription Shares and the Fee Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 1,654,510,732 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 1,654,510,732 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, please contact:

African Potash Limited

 

Chris Cleverly

+44 (0) 20 7408 9200

 

 

NEX Exchange Corporate Adviser

Peterhouse Corporate Finance Limited

 

Guy Miller and Mark Anwyl

+44 (0) 20 7469 0930