- Kore Potash (KP2) has flagged plans to raise additional capital after placing its shares in a trading halt
- The potash development company’s securities will remain halted from trading until Monday, April 12
- KP2 hasn’t revealed how it’s planning to raise the extra fund, but full details of the capital raise will be released before that date
- Recently, Kore signed a non-binding Memorandum of Understanding (MOU) to arrange financing for its Kola Potash Project
- It also revealed an optimisation study would be carried out to reduce Kola’s overall capital cost for the project in Congo
- Kore will pay approximately US$900,000 (about A$1.18 million) towards the overall study costs
- Shares in Kore Potash last traded for 3.2 cents on April 7
Kore Potash (KP2) has flagged plans to raise additional capital after placing its shares in a trading halt.
The potash development company’s securities will remain halted from trading until Monday, April 12.
KP2 has until that date to release the full details of the raise, including how it plans to raise the extra funds and what the money will be used for.
More recently, the company announced it had signed a non-binding Memorandum of Understanding (MOU) with Summit Africa.
The MOU relates to organising the total financing needed to construct Kore’s Kola Potash Project in Congo.
KP2 also announced an optimisation study would be carried out to reduce Kola’s overall capital cost, with a target of less than US$1.65 billion (around A$2.16 billion).
Kore will pay approximately US$900,000 (about A$1.18 million) to the optimisation study costs.
Before today’s trading halt came into effect, shares in Kore Potash were trading for 3.2 cents per share on Wednesday, April 7.