StockMarketWire.com - African phosphate explorer and developer Kropz said it had raised a total of US$353,595 through a discounted equity placing and also said it had launched an open offer to existing shareholders to raise up to a further US$4m.

The issue price represented a discount of approximately 15.6% to the closing mid-market price of 8p per share on 29 May 2020.

The proceeds from the fundraise and the equity facility would be used to 'bring the company's Elandsfontein phosphate project, located in South Africa, into production, and subject to funding raised, advance the new feasibility study at its hinda project in the Republic of Congo, and for general working capital purposes,' the company said.

At 9:50am: [LON:KRPZ] share price was 0p at 8p



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