Hathorn to contribute $500 000 to Kore’s fundraising
London-listed potash exploration and development company Kore Potash has reported that, following the publication of the company's 2024 annual report, the restriction of the company's directors and senior management from trading in the company's shares has ceased and chairperson David Hathorn will now subscribe for $500 000 of new ordinary shares of $0.001 each in the company.
As outlined in the announcement dated March 21, Hathorn will subscribe for new ordinary shares at a price of 1.7p a share through two separate trusts, the Belle Terre Trust and Stapleford Trust.
As previously reported by Mining Weekly, Kore conditionally raised about $10.1-million, before expenses, by way of a placing and direct subscriptions of new ordinary shares in the company at a price of 1.7p a share with certain eligible existing shareholders and new institutional and other investors.
At the time, it said it expected to raise a further $500 000 from Hathorn once the company’s closed period ends, to take the overall fundraise to $10.6-mlllion.
The proceeds of the fundraise will be used for payment to PowerChina International Group for outstanding payment on 2022 and 2023 optimisation work and the early works agreement; for an environmental- and social-impact assessment update; advisory and legal costs; as well as working capital and fundraising costs.
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