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African Potash to raise £400,000 for block chain payment scheme

A review of its strategy and corporate branding in Africa is also underway

pile of fertiliser
African Potash wants to set up an e-voucher scheme

African Potash Ltd (LON:AFPO) aims to raise £400,000 to set up an blockchain-based payment system for its fertiliser distribution business.

A review of its strategy and corporate branding in Africa is also underway to assess how the use of blockchain will change its supply chain and eVoucher scheme.

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

The money will be raised in two tranches: £68,000 today and £332,000 on December 13 after shareholder approval.

Chris Cleverly, executive chairman, said: "The company has a short term working capital requirement and is looking to expand its African fertiliser trading capacity.

“This it intends to do through the deployment of a blockchain-based funding and financing solution.

READ: African Potash and AAX extend period to complete Lac Dinga project farm-out

“This will  provide a secure payment mechanism (an eVoucher) for farmers borrowing to purchase fertiliser from the company.

“It will also ensure the reimbursement of the company and our funding partners."

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