IN BRIEF: Kore Potash raises about USD900,000 after share...

IN BRIEF: Kore Potash raises about USD900,000 after share subscription

Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Raises approximately USD900,000 through the issue of 25.4 million new shares. Certain existing shareholders, as well as new institutional and high net worth investors took part in the share subscription at 2.76 pence a share, representing a 15% discount to the closing mid-market price of its shares of 3.25p on Friday last week. Says the net proceeds from the fundraise will be used to further advance the work that is expected to lead to the signing of an engineering, procurement and construction contract for the Kola Potash Project and provide working capital for Kore Potash.

Late last month, Kore reached agreement with PowerChina International Group Ltd, finalising the engineering, procurement and construction contract. It said at the time Kore and PowerChina were working towards convening a date, set for November 19, for the signing ceremony with the minister of mines and other high officials in Congo.