Potash exploration and development company, Kore Potash, has been admitted to trading on the AIM Market of the London Stock Exchange, and was also admitted on the main board of the Johannesburg Stock Exchange on Thursday through a concurrent secondary listing of its ordinary shares.
The listing on AIM and JSE is in addition to the company’s existing listing on the Australian Stock Exchange and follows the company’s re-domicile to the United Kingdom in 2017.
The directors believe that the admission of the company’s issued share capital to trading on AIM and the JSE will increase its international profile and the market’s general awareness of Kore Potash.
Canaccord Genuity is acting as the company’s nominated advisor and sole broker in relation to the AIM listing.
The total number of Ordinary Shares with voting rights in Kore Potash with effect from Admission is 859,234,443.
This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
“Today marks an exciting milestone for Kore Potash as we announce our admissions to the AIM market of the London Stock Exchange and the JSE as an advanced stage potash exploration and development company,” comments CEO Sean Bennett.
“We are firmly on track to forge ahead with the next stages of project development in terms of financing and construction and the forthcoming publication of our DFS will give us the final economic parameters of this exciting project.
“The company aims to be among the world’s lowest-cost potash producers due to our project’s favourable location to the coast, the large size, high-grade, and shallow depth of the deposit.
“Added to this, there is significant opportunity to add more sylvinite; at both Kola and Dougou Extension we have intersections of what we believe to be among the highest grading potash seam globally, averaging 60% KCl, highlighting the longer term opportunity for all stakeholders,” he adds.
- Kore Potash has gross JORC compliant combined Measured, Indicated and Inferred potash Mineral Resource of 5.953 million tonnes (Mt) at an average grade of 22.0% KCl, hosted by two potash deposits, the Kola Deposit and the Dougou Deposit as reported under JORC 2012
- The company’s most advanced project, Kola, is host to a large tonnage, high-grade, shallow deposit with a Measured and Indicated sylvinite resource of 508 Mt grading 35.4% KCl
- A Definitive Feasibility Study (DFS) is at an advanced stage and is scheduled for completion towards the end of Q2 or early Q3 2018. The DFS is being conducted by a consortium of world class engineering and construction companies
- The DFS is for a project designed to produce 2 million tonnes per annum of MoP
- In addition, Kore Potash discovered further high grade sylvinite at the nearby Dougou Extension Prospect, including two drill-holes intersecting 57% and 60% KCl over a thickness of 4.5 and 4.2 m respectively
- Strong Board and management team with FTSE100 and industry experience; and
- The company is supported by two large cornerstone investors; SQM, the Chilean lithium and potash producer and SGRF, the Oman Sovereign Wealth Fund