Kore Potash plc (ASX: KP2) has raised approximately US$900,000 through a share subscription. This funding will support the advancement of the Kola Potash Project in the Republic of Congo. The funds will also provide general working capital for the company.
Kore Potash plc has successfully raised US$900,000 by issuing 25,441,268 new ordinary shares at a price of 2.76 pence per share. This represents a 15% discount from the recent market price. The funds will be used to advance the Kola Potash Project towards securing an Engineering, Procurement, and Construction (EPC) contract and provide general working capital. This move indicates strong investor confidence in the company's potash projects in the Republic of Congo. With the total issued share capital post-issue at 4,377,869,961 ordinary shares, Kore Potash continues to progress its development projects while adhering to regulatory compliance.
CEO Andre Baya expressed enthusiasm about shareholder support and the progression towards the EPC contract. Further updates anticipated as the project develops.