African Potash Ltd. (AFPO)
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
16 June 2017
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
African Potash Limited / Epic: AFPO / Sector: Mining
Result of AGM and Completion of Acquisition
African Potash is pleased to announce that all resolutions were duly passed at the Company's Annual General Meeting held earlier today.
As a result, the Company will now move to completion of the agreement to acquire a strategic 21% equity stake in Advanced Agricultural Holdings (Pty) Limited (the 'AAH Agreement'), entered into and announced on 30 March 2017.
Pursuant to the terms of the AAH Agreement, the Company will issue 221,601,740 new ordinary shares of no par value in the capital of the Company in satisfaction of its obligations in respect of the initial consideration due under the AAH Agreement (the 'Consideration Shares').
The Consideration Shares will, on issue, amount to 11.81% of the enlarged issued share capital of the Company immediately after they are issued on or around 19 June 2017. The Consideration Shares and the Subscription Shares will rank pari passu with the existing ordinary shares.
Following the issue of the Consideration Shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company will have 1,876,112,472 ordinary shares of no par value in issue each with voting rights. The Company does not hold any shares in treasury. The above figure of 1,876,112,472 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
The Directors of the Company accept responsibility for the content of this announcement.
For further information visit www.africanpotash.com or contact the following: For further information, please contact:
|End of Announcement||EQS News Service|