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African Potash shares up amid strong volumes

The stock was the third most actively traded in London on the day..
African Potash shares up amid strong volumes
AFPO shares in the hot seat on the day

African Potash Ltd (LON:AFPO), the AIM-quoted fertiliser trading  business, saw strong trading of its shares Tuesday.

The stock was the third most actively traded in London, with 153.37mln bits of paper changing hands in what was a busy session. The share price also rose on the day by over 10%.

Last week, the group issued a financial update, saying it was raising half a million pounds sterling in a subscription and amending the terms of last year's bridging loan in a bid to provide a base on which to grow.

The firm said it was issuing over 235mln shares at 0.2125 pence each, with an an over-allotment option for a further 70.5mln shares,  exercisable at any time on or before November 24 this year.

In 2015, AFPO agreed a £750,000 bridge facility with Katrina Clayton, the wife of chief financial officer, Neil Clayton to meet its short-term working capital needs and this has also been amended.

That loan is now repayable on the earlier of: September 1 next year, the completion of equity financings after the Subscription which in total raise more than £1.5mln and the securing of any non-trade finance debt financing.

Executive chairman of AFPO Chris Cleverly said on Thursday last week: "Shareholders will be aware, from our recent announcements, of the traction which we are gaining in the market and we are confident that this funding will assist in revenue generation. 

"We are progressing with these initiatives and have others in the pipeline and will update the market accordingly as we progress."

Shares today gained over 10% to 0.249p.

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