By: Creamer media

The company undertook a fundraise for certain eligible existing shareholders and new institutional and other investors at a price of £0.029 apiece.

The company owns 97% of the Sintoukola potash project, in Congo-Brazzaville.

Kore intends to use $2.2-million of the funds to settle outstanding payments to PowerChina International Group for optimisation work undertaken in 2022 and 2023; $800 000 for an updated environmental- and social-impact assessment; $3-million for legal and advisory costs; $200 000 for early testwork support; and $6-million for working capital.

Kore says the net proceeds of the fundraise will provide sufficient working capital for the company to implement its strategy for the next 12 months.

The group’s two largest shareholders, the Oman Investment Authority and Sociedad Quimica y Minera, have been offered the opportunity to subscribe for new ordinary shares in the company at the same issue piece to preserve their respective shareholdings – they have 20 business days to confirm their participation.