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African Potash raises £60,000 after completing a private placing of 100mln new shares at 0.06p each

The NEX Growth Market-listed group said the proceeds from the share subscription will be used for working capital purposes and to further support and develop the company's fertilizer trading business
Cash raising
It added that the subscription shares will, on issue, amount to 4.79% of the company’s enlarged issued share capital

African Potash Ltd. (LON:AFPO) announced that it has completed a private placing to raise £60,000 before expenses, under which the firm issue 100,000,000 new ordinary shares at a price of 0.06p each.

The NEX Growth Market-listed group said the proceeds from the share subscription will be used for working capital purposes and to further support and develop the company's fertilizer trading business.

READ: African Potash shares on the way to NEX restoration

It added that the subscription shares will, on issue, amount to 4.79% of the company’s enlarged issued share capital.

In addition, the company said it has granted warrants to Alexander David Securities Limited over 56,283,374 shares of the enlarged share capital, also at a price of 0.06p each, valid for three years from the date of the broker’s appointment.

African Potash shares resumed trading on the NEX Change on Monday October 23 following the publication of its accounts for the year to 30 June 2017.

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