TIDMAFPO
RNS Number : 1125T
African Potash Ltd
30 December 2016
African Potash Limited / Index: AIM / Epic: AFPO / Sector:
Mining
30 December 2016
African Potash Limited ('African Potash' or 'the Company')
Final Results
African Potash Limited, the AIM and ISDX traded exploration
company focussed on the vertical integration of fertiliser
operations in Africa and sub-Saharan potash assets, is pleased to
announce its final results for the year ended 30 June 2016.
Copies of the Annual Report and Accounts for the year ended 30
June 2016 will be posted to shareholders on 30 December 2016 and
will also be available on the Company's website at
www.africanpotash.com.
Chairman's Statement:
The year under review has seen the development of our strategy
to position the Group as a significant operator in the African
fertiliser industry. African Potash has a majority interest in the
Lac Dinga Potash Project in the Republic of Congo ('the Project' or
'Lac Dinga') which we believe to be a potential world class potash
asset in its own right and has laid the foundations to unlock the
short term fundamentals of the African fertiliser market.
Fertiliser trading
In August 2015 African Potash entered into a trading agreement
with the Common Market for Eastern and Southern Africa ('COMESA')
with a view to creating a vertical platform for the mining,
production and distribution of fertiliser, focussed on the COMESA
region and beyond.
In order to capitalise upon the opportunities the relationship
with COMESA brought about, the Company entered into an agreement
with Beryl Holdings Pty Limited ('Beryl Holdings'), a South African
investment firm in December 2015, to collaborate and strengthen its
fertiliser trading and delivery capabilities.
In January 2016, the Company entered into a contract, introduced
by COMESA, to supply 20,000Mt Urea to a Zambian distributer of
fertiliser, Rockwell Fertilisers Limited ('Rockwell'). In April
2016, the Company signed a participation agreement with Safyr
Commodities Limited (formally Beryl Holdings) which in turn has
secured conditional sales agreements with one of Zambia's leading
fertiliser distributors, Nyiombo Investments Ltd ("Nyiombo"), for
50,000Mt NPK. The end user of both of these distributors is the
Zambian government. Neither Rockwell nor Nyiombo have been able to
secure these trades in a trading season where market demand
patterns were significantly influenced by the most severe drought
to affect the region in 35 years, as a result of El Nino, and
uncertainties surrounding Zambian elections and government
procurement programs.
Considerable resource and expenditure were incurred in pursuing
these contracts together with opportunities under other MOUs
previously announced, although the revenue generated has been
minimal. The board is now confident of the strategy of moving into
fertiliser distribution and has identified a number of revenue
generating opportunities.
In June 2016, the Company announced that it had it has signed a
non-binding Memorandum of Understanding ('MoU') with the Government
of Uganda to support the development of a fertiliser industry in
Uganda, which will seek to help ensure the availability and
effective distribution of fertilisers to Ugandan farmers.
Since the year end we have commenced deliveries direct to
agri-dealers under agreements with Nutri-Aid Trust ('Nutri-Aid')
and Zambia Co-Operative Federation ('ZCF').
We commenced pilots with Nutri-Aid, which includes over 2,500
agro-outlets certified by COMESA, with a credit based model whereby
the agri-dealers within the Nutri-Aid network could pay 50% upon
collection and the balance within 45 days. The credit, on roll out,
is financed under an agreement with Rockwell. The pilot revealed
that the credit risks were not viable and the credit model has been
stopped. The Company has since recovered the credit advanced to a
material extent.
Sales under the agreement with ZCF are under the umbrella of the
Zambian government e-voucher scheme, whereby subsidies are given
direct to the individual farmer by means of an electronic-voucher
on a pre-paid card.
Lac Dinga
African Potash retains its interest in the exploration side of
the fertiliser industry through its 70% interest in La Société des
Potasses et des Mines S.A. ('SPM'), which holds the exclusive right
to conduct exploration activities for potash salts over the Lac
Dinga Project in the highly prospective Kouilou region in the
Republic of Congo. The licence was renewed for two years on 25
April 2016 and under the mining code may be renewed for a further
two years thereafter.
Whilst the Project is still at an early stage of exploration, a
drilling campaign undertaken in Q3 2014 confirmed the presence of
multiple potash seams at depths of about 300m to 420m below the
surface, and the results generated suggested the potash
mineralisation to be characteristic of similar commercial deposits
in the Congolese coastal basin.
During the course of the year, global potash prices have
continued to falll, an indication of impairment. Although the Board
believe that the Project, like others in the basin, will have lower
production costs than other global producers, some of whom may be
marginal at these levels, it has conducted an impairment review and
has decided to retain its valuation at last year's level of $10m.
Consequently exploration expenditure in the year of $0.8m has been
impaired.
The Company is currently seeking partners to farm in to the next
phase of exploration in order to meet its obligations to conduct
further exploration activity prior to the next renewal date in
April 2018 and to realise value from Lac Dinga as part of its
integrated fertiliser model. The success of the initial program has
significantly de-risked the project and underlined the potential
for the establishment of an economic resource in the project
area.
Board Appointments
In order to execute this strategy, it is important to have a
team in place with the knowledge and influence to help develop our
growth objectives. With this in mind, we have built a Board with
exemplary commodities and African business experience, and perhaps
more importantly, a deep and intimate knowledge of doing business
in Africa. In October 2015, the Company announced the appointment
of Mr Elias Pungong, in November 2015 the Rt Hon Mark Simmonds and
Mr Declan O'Brien were appointed and in December 2015 the Rt Hon
Lord Peter Hain joined the Board; providing us with a Board
comprising pre-eminent figures in the worlds of politics, finance,
and business.
As part of this restructured Board, Ed Marlow and Jean-Pierre
Conrad, both of whom played a significant role in developing the
Lac Dinga project, left the Company to concentrate on their other
business interests in October 2015. We would like to extend our
thanks again for their commitment shown and wish them the very best
in their future endeavours.
Financial Results
The Company is reporting a loss for the year of $6.1m compared
with a loss of $8.8m in the prior year. Following the impairment
charge in respect of Lac Dinga of $0.8m, (2015: $7.5m), and share
based payment charges of $2.8m, (2015: $0.4m) the underlying loss
before tax is $2.5m, (2015: $0.9m). The increase may be attributed
to the expenditure and losses incurred of $1.4m in establishing the
fertiliser trading business, additional central costs of $0.1m and
additional finance costs of $0.1m. Net Assets have fallen to $7.9m
(2015: $9.5m) and at 30 June 2016, cash balances were $0.3m (2015:
$0.6m).
Outlook
The agreement with COMESA marked a milestone development in the
establishment of the Company's fertiliser operations, giving the
Company an entry into the trading sectors of the fertiliser
industry to complement its established exploration interests
thereby implementing part of its strategy to create a vertical
platform for the production and distribution of fertiliser.
The Nutri-Aid program is being relaunched with local community
warehouses providing the distribution platform and the e-voucher
scheme has moved from the pilot stage with the program now being
rolled out by the Zambian government. We expect to see the volumes
traded through these programs to grow significantly in 2017.
The movement of government subsidy programs from government
purchases and distribution to a technology based e-voucher farmer
centric model is gaining traction, with Uganda recently announcing
that they will be introducing such a scheme supported by the World
Bank. With our MOU with the Ugandan Government and experience in
Zambia, once appropriately funded, we are well placed to take
advantage of the growth opportunity these programs present as they
are rolled out.
Africa has 20% of the world's population, 65% of its
uncultivated arable land, 40% of its surface water yet consumes
only 2% of world fertiliser usage. Shortages of fertiliser, and
pricing which make fertiliser prohibitively expensive, mean that
land is not being effectively utilised; accordingly much of Africa
remains reliant on external sources of food, when this great
continent could become the world's breadbasket. African Potash has
the potential to be an important player in Africa's fertiliser
market - benefitting the continent and in the process, the
Company's shareholders.
Finally, I would like to thank my team both in London and in
Africa for their work and commitment. I would also like to thank
shareholders for their on-going support and look forward to keeping
the market updated with our progress in the New Year.
Chris Cleverly
Executive Chairman
28 December 2016
CONSOLIDATED INCOME STATEMENT
For the year ended 30 June 2016
Year Year
ended ended
30 June 30 June
2016 2015
Note $'000 $'000
----- --------- ---------
Revenue 59 -
Cost of sales (44) -
--------- ---------
Gross profit 15 -
Operating expenses (5,078) (1,238)
Impairment of evaluation
and exploration costs 2 (758) (7,464)
Other losses (47) -
3
--------- ---------
Operating loss (5,868) (8,702)
Finance expense (202) (134)
Loss before taxation (6,070) (8,836)
Income tax expense - -
Loss for the year (6,070) (8,836)
========= =========
Attributable to :
Owners of the parent company (6,070) (7,219)
Non-controlling interests - (1,617)
(6,070) (8,836)
========= ---------
Loss per share - basic
and diluted (cents)
- attributable to owners
of the parent company 4 (0.76c) (1.97c)
- attributable to non-controlling
interests 4 - (0.44c)
========= =========
All results relate to continuing activities.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2016
Year Year
ended ended
30 June 30 June
2016 2015
$'000 $'000
--------- ---------
Loss for the year (6,070) (8,836)
Items that may be reclassified
subsequently to the income
statement:
- Foreign exchange translation
differences (27) (574)
Other comprehensive (loss)
/ income for the year (27) (574)
Total comprehensive loss for
the year (6,097) (9,410)
========= =========
Attributable to owners of
the parent company (6,097) (7,793)
Attributable to non-controlling
interests - (1,617)
(6,097) (9,410)
========= =========
There is no taxation arising on other comprehensive income
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
2016 2015
Note $'000 $'000
----- --------- ---------
ASSETS
Non-current assets
Intangible assets: exploration
activities 5 10,000 10,000
Investment in quoted 47 -
companies
Property plant and equipment 111 131
Total non-current assets 10,158 10,131
--------- ---------
Current assets
Trade and other receivables 76 99
Cash and cash equivalents 298 571
---------
Total current assets 374 670
--------- ---------
TOTAL ASSETS 10,532 10,801
--------- ---------
LIABILITIES
Current liabilities
Trade and other payables (829) (530)
Loan note (1,004) -
Deferred consideration (800) (800)
--------- ---------
Total current liabilities (2,633) (1,330)
--------- ---------
NET ASSETS 7,899 9,471
========= =========
EQUITY
Issued capital 6 17,531 15,864
Shares to be issued 2,800 2,800
Share based payment reserve 2,637 1,141
Foreign exchange translation
reserve (623) (596)
Retained earnings (15,976) (11,268)
Total equity attributable
to the owners of the parent
company 6,369 7,941
Non controlling interests 1,530 1,530
TOTAL EQUITY 7,899 9,471
========= =========
Attributable to owners of the parent
company
----------------------------------------------------------------------
CONSOLIDATED Foreign
STATEMENT Shares Share-based exchange
OF CHANGES IN Share to be payment translation Retained Non-controlling
EQUITY capital issued reserve reserve earnings Total interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
--------- -------- ------------ ------------- ---------- -------- ---------------- --------
Balances at 1
July
2014 13,897 2,800 356 (22) (4,049) 12,982 3,147 16,129
Loss for the year - - - - (7,219) (7,219) (1,617) (8,836)
Other
comprehensive
income
Exchange
translation
differences on
foreign
operations - - - (574) - (574) - (574)
--------- -------- ------------ ------------- ---------- -------- ---------------- --------
Total
comprehensive
income for the
year - - - (574) (7,219) (7,793) (1,617) (9,410)
Transactions with
owners
Issue of shares 1,967 - - - - 1,967 - 1,967
Share based
payment
charge - - 785 - - 785 - 785
Total
transactions
with owners 1,967 - 785 - - 2,752 - 2,752
Balance at 30
June
2015 15,864 2,800 1,141 (596) (11,268) 7,941 1,530 9,471
Loss for the year - - - - (6,070) (6,070) - (6,070)
Other
comprehensive
income
Exchange
translation
differences on
foreign
operations - - - (27) - (27) - (27)
--------- -------- ------------ ------------- ---------- -------- ---------------- --------
Total
comprehensive
income for the
year - - - (27) (6,070) (6,097) - (6,097)
Transactions with
owners
Issue of shares 1,667 - - - - 1,667 - 1,667
Lapse/exercise of
share based
payments - - (1,362) - 1,362 - - -
Share based
payment
charge - - 2,858 - - 2,858 - 2,858
--------- -------- ------------ ------------- ---------- -------- ---------------- --------
Total
transactions
with owners 1,667 - 1,496 - 1,362 4,525 - 4,525
Balance at 30
June
2016 17,531 2,800 2,637 (623) (15,976) 6,369 1,530 7,899
========= ======== ============ ============= ========== ======== ================ ========
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2016
Year ended Year
30 June ended
30 June
2016 2015
Note $'000 $'000
------------------------------------- ------------- ----------
Operating activities
Loss before tax (6,070) (8,836)
Adjustments for:
- Impairment of evaluation
and exploration assets 4 758 7,464
- Impairment of investments 47 -
- Foreign exchange (113) (192)
- Share based payment 3,010 391
- Finance expense 202 134
-------------
Operating cash flow before movements
in working capital (2,166) (1,039)
Working capital adjustments:
- Decrease / (increase)
in receivables 23 (9)
- Increase / (decrease)
in payables 302 155
Cash used in operations (1,841) (893)
Finance expense (202) (134)
Net cash used in operating
activities (2,043) (1,027)
------------- ----------
Investing activities
Purchase of evaluation and
exploration assets (756) (2,689)
Purchase of investments (106) -
Purchase of property, plant
and equipment (11) (121)
Net cash used in investing
activities (873) (2,810)
-------------
Financing activities
Proceeds from issue of share
capital 1,515 1,758
Drawdown of convertible
loan - 1,250
Repayment of convertible
loan - (760)
Drawdown of loan note 1,127 -
Net cash from financing
activities 2,642 2,248
------------- ----------
Net decrease in cash and cash
equivalents (274) (1,589)
Cash and cash equivalents
at start of the year 571 2,170
Effect of exchange rates
on cash and cash equivalents 1 (10)
Cash and cash equivalents
at end of the year 298 571
============= ==========
Non cash transactions
The principal non cash transactions relate to:
2016 2015
Shares issued in settlement $'000 $'000
of :
* Advisory and consultancy and directors fees 152 84
* Bergen facility fees and collateral shares - 372
Share based payments 3,010 391
------ ------
3,162 847
====== ======
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2016
1. General Information
African Potash Limited is incorporated and domiciled in
Guernsey. The nature of the Company's operations and its principal
activities are set out in the Chairman's Statement.
The presentational currency of the Group is US Dollars as this
reflects the Group's business activities in the fertilizer trading
and resource exploration sectors in sub-Saharan Africa and
therefore the Group's financial position and financial
performance.
Whilst the information included in this preliminary announcement
has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
("IFRSs") as adopted by the European Union and as issued by the
International Accounting Standards Board, this announcement does
not itself contain sufficient information to comply with IFRSs nor
constitute statutory financial statements.
The financial information is based on the statutory accounts for
the financial year ended 30 June 2016. The auditors reported on
those accounts: their report was (i) disclaimed on the basis of the
valuation of exploration and evaluation assets (ii) included an
emphasis of matter in relation to going concern, and (iii) did not
contain statements where the auditor is required to report by
exception.
The Company's Annual Report will be available on the Company's
website by 31 December 2016.
2. Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS
as adopted in the EU requires the use of certain critical
accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting
policies. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial period are
discussed below.
Intangible exploration and evaluation assets
In February 2013, the group purchased a 70% interest in the Lake
Dinga licence which the board believes is highly prospective for
commercial deposits of potash. The initial three year licence
period expired on 3 December 2015 and was renewed for a further 2
years on 25 April 2016. In renewing the licence, in line with
custom and practice, the Company gave up 20% of the licence area.
This area was, in the main, outside the margins of the salt basin
and of little prospective value. Upon expiry, the license is
renewable for a further two years if the Company can demonstrate
that it has continued to meet its obligations under the mining code
which require it to continue exploration activity.
In December 2014, the Group announced the results of a
successful proof of concept drilling campaign confirming laterally
extensive potash mineralisation which is characteristic of the
Congolese coastal basin and further underpins the project's
potential to host significant potash deposits. In order to develop
the asset and issue a maiden resource statement, the Group will
need to raise additional capital to fund a comprehensive drilling
programme to support a resource estimate. Under the terms of its
licence, the Group is required to undertake some exploration
activity in any nine month period and during the year work has
commenced on planning the next phase of drilling. The planned work
program which will involve drilling a further 4,000m to 5,000m is
estimated to cost $8m. The board remains confident that the highly
prospective nature of the asset will enable them to either bring in
a strategic partner or raise the additional capital to fund these
programmes.
The valuation of intangible exploration and evaluation assets is
dependent upon the discovery of economically recoverable deposits
which in turn is dependent upon the future potash prices, capital
expenditures and environmental and regulatory restrictions. In
August 2015, an independent valuation of the Group's interest in
the Lake Dinga licence indicated that market conditions had
resulted in a fall in value compared to that at the time of the
original acquisition. Consequently in the year ended 30 June 2015
the board decided to write down the value of the asset to $10m to
reflect the results of that valuation.
During the course of the year, global potash prices have
continued to fall, an indication of impairment. Although the Board
believe that the project, like others in the basin, will have lower
production costs than other global producers, some of whom may be
marginal at these levels, it has conducted an impairment review.
The review also focused on the implied values of comparable early
stage projects in the republic of Congo which are attracting new
investment. The board has decided to retain its valuation at last
year's level of $10m. Consequently exploration expenditure and the
associated administrative costs in the year of $0.8m has been
impaired.
Management's critical judgements in determining the value of
assets, liabilities and equity within the financial statements
relate to the valuation of intangible exploration and evaluation
assets of $10m (post impairment) (2015: $10m post impairment), the
timing volume and margins of anticipated trading contracts and the
going concern assumptions.
The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant.
Actual results may differ from these estimates. Estimates and
judgements are continually evaluated. Revisions to accounting
estimates are recognised in the period in which the estimates are
revised or in future periods if applicable.
Share based payment
The fair value of options and warrants granted is determined
using the Black-Scholes option pricing model. Input assumptions,
are by their nature judgemental and small variations in input
assumptions can lead to different valuations.
Going concern
As indicated above, current cash resources and anticipated cash
flows from trading activities are not sufficient to enable the
Group to complete a full evaluation of the Lac Dinga project or to
continue to invest in exploration activities in order to meet its
obligations under the licence.
During the year the Group commenced fertiliser trading
operations. These are subject to commodity price and foreign
exchange fluctuations, credit risk, together with the practical and
logistical challenges of operating in sub-Saharan Africa. Policies
are in place to address these risks.
The board has prepared forecasts for the Group covering the
period to 31 December 2017. The principal assumption is that
fertiliser trading will pick up during 2017, with the Group scaling
up deliveries direct to local Agro dealers in Zambia as well as
working with the government of Uganda to develop its fertiliser
industry.
The start-up of trading operations has incurred significant
losses to date. However the group has developed a pipeline of
opportunities and the board is confident that it will be able to
conclude new contracts which will be cash generative. Without these
improvements to trading cash-flows the group will need to raise
additional finance either through borrowing or the issue of new
equity.
The Company is in meaningful discussions with a new Nominated
Adviser. Should the Company not be able to appoint a new Nominated
Advisor, then its shares will cease to be traded on AIM. Although
its shares will continue to be traded on ISDX, it is possible that
the Company will find it more difficult to raise additional equity
finance.
Notwithstanding the above uncertainty, the directors are
confident that with the additional loan capital announced at the
date of this report, together with an anticipated equity raise of
up to $0.6m, current cash and forecasted cash flows from the
trading operations, there will be sufficient cash resources to
enable the Group to pay debts as they fall due and to continue its
operations for the foreseeable future and thus they continue to
adopt the going concern basis of accounting in preparing the annual
financial statements. The board will not commit to a major
exploration programme without raising sufficient finance to fund
the planned expenditure.
3. Segment reporting
As set out in the chairman's statement, the directors consider
that the Group's activities comprise the segments of fertiliser
trading and potash exploration and other unallocated expenditure in
one geographical segment, Africa.
Revenue represents sales to external customers. Unallocated
expenditure relates to central costs and any items of expenditure
that can not be directly attributed to an individual segment.
Year ending Trading Exploration Unallocated Total
30 June 2016
$'000 $'000 $'000 $'000
-------- ------------ ------------ --------
Revenue 59 - - 59
-------- ------------ ------------ --------
Segment results
- Operating
loss (1,385) - (3,678) (5,063)
- Impairment - (758) (47) (805)
- Interest expense - - (202) (202)
-------- ------------ ------------ --------
Loss before
tax (1,385) (758) (3,927) (6,070)
-------- ------------ ------------ --------
Income tax - - - -
-------- ------------ ------------ --------
Loss after tax (1,385) (758) (3,927) (6,070)
======== ============ ============ ========
Year ending Trading Exploration Unallocated Total
30 June 2015
$'000 $'000 $'000 $'000
-------- ------------ ------------ --------
Revenue - - - -
-------- ------------ ------------ --------
Segment results
- Operating
loss - - (1,238) (1,238)
- Impairment - (7,464) - (7,464)
- Interest expense - - (134) (134)
-------- ------------ ------------ --------
Loss before
tax - (7,464) (1,372) (8,836)
Income tax - - - -
-------- ------------ ------------ --------
Loss after tax - (7,464) (1,372) (8,836)
-------- ------------ ------------ --------
4. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
2016 2015
$'000 $'000
------------ ------------
Loss for the purposes of
basic earnings per share
- attributable to owners
of the parent company (6,070) (7,219)
- attributable to non-controlling
interests - (1,617)
------------ ------------
Number of shares
Weighted average number
of ordinary shares for the
purposes of basic and diluted
loss per share 794,037,824 366,026,873
------------ ------------
Loss per share
- attributable to owners
of the parent company (0.76c) (1.97c)
- attributable to non-controlling
interests - (0.44c)
------------ ------------
Due to the loss incurred during the year, there is no dilutive
effect of share options.
5. Intangible assets Evaluation
and exploration
costs
$'000
At 1 July 2014 14,523
Additions 3,248
Impairment provision (7,464)
Exchange rate adjustment (307)
At 1 July 2015 10,000
Additions 785
Impairment provision (758)
Exchange rate adjustment (27)
At 30 June 2016 10,000
=================
Evaluation and exploration costs are capitalised in accordance
with IFRS6
The asset comprises the Lac Dinga exploration licence in the
Republic of Congo held by La Societé des Potasses et des Mines SA
("SPM") in which the Group has a 70% interest. The initial three
year licence period expired on 3 December 2015 and was renewed for
a further 2 years on 25 April 2016. In renewing the licence, in
line with custom and practice, the Company gave up 20% of the
licence area. This area was, in the main, outside the margins of
the salt basin and of little prospective value. Upon expiry, the
license is renewable for a further two years if the Company can
demonstrate that it has continued to meet its obligations under the
mining code which require it to continue exploration activity.
Planning for the next phase of exploration is underway and the
board continues to seek partners to enable it to develop the
project.
In August 2015, an independent valuation of the Group's interest
in the Lake Dinga licence indicated that market conditions had
resulted in a fall in value compared to that at the time of the
original acquisition. Consequently in the year ended 30 June 2015
the board decided to write down the value of the asset to $10m to
reflect the results of that valuation. During the course of the
year, global potash prices have continued to fall, an indication of
impairment Although the Board believe that the project, like others
in the basin, will have lower production costs than other global
producers, some of whom may be marginal at these levels, it has
conducted an impairment review and has decided to retain its
valuation at last year's level of $10m. Consequently exploration
expenditure and the associated administrative costs in the year of
$0.8m has been impaired.
6. Share capital
Authorised.
allotted
and fully paid
Ordinary shares of no Number
par value $'000
At 1 July 2014 284,993,582 13,897
Issue of shares 458,849,061 1,967
At 30 June 2015 743,842,643 15,864
Issue of shares 145,120,715 1,667
------------ -------
At 30 June 2016 888,963,358 17,531
============ =======
The Company has one class of ordinary share which carries no
right to fixed income.
On 8 August 2014 6,330,613 shares were issued at 3.5p in
connection with the Bergen facility. A further 1,417,686 shares
were issued at 3.5p in settlement of advisory fees.
The following shares were issued upon the conversion of Bergen
Convertible Securities during the prior year ending 30 June
2015:
Date Number of Shares Issue price
12 September
2014 4,889,914 2.5p
20 November
2014 3,709,138 1.7p
20 January
2015 8,099,512 0.8p
12 March
2015 9,402,198 0.6p
On 21 April 2015 and 22 May 2015 425,000,000 shares were issued
for cash at 0.3p to redeem the outstanding loan notes under the
Bergen facility and to fund the working capital requirements of the
group.
On 11 August 2015 11,641,303 shares were issued in settlement of
non-executive directors' fees at a price of 0.55p.
On 8 September 2015 10,000,000 shares and 25 September
10,000,000 shares were issued following the exercise of warrants at
0.3p.
On 8 September 2015 1,250,000 shares were issued at 3.15p in
settlement of advisory fees.
On 12 January 2016 48,529,412 shares were issued at 1.7p to fund
the working capital requirements of the group.
On 27 June 2016 63,700,000 shares were issued at 0.3p following
the exercise of warrants by Bergen
7. Post balance sheet events
On 1 September, the Company raised GBP500,000 by way of a
placing to fund its on-going working capital requirements. In
addition it agreed to extend the term of its GBP750,000 loan note
for a further 12 months to 1 September 2017.
On 28 December 2016, the Company agreed to draw down an
additional $185,000 on similar terms to the existing loan note.
* * ENDS * *
For further information visit www.africanpotash.com or contact
the following:
+44 (0) 20 7408
Chris Cleverly African Potash Limited 9200
Peterhouse Corporate +44 (0) 20 7469
Guy Miller Finance Limited 0930
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MMMFZVGDGVZM
(END) Dow Jones Newswires
December 30, 2016 11:18 ET (16:18 GMT)
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