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LONDON - Kore Potash Plc, a potash development company, has received a draft non-binding financing proposal for its Kola Potash Project in the Republic of Congo. The term sheet, presented today by the Summit Consortium, outlines a funding structure for the project’s full development costs, incorporating royalty and project finance elements.
The company, listed on multiple exchanges including AIM, ASX, JSE, and A2X under the ticker KP2, has until May 31, 2025, to review and potentially negotiate the terms offered by the Consortium. Kore Potash emphasizes that the initial terms are not final and may lead to more definitive information being released to the public upon agreement and execution.
As per the company’s announcement, details of the proposed financing will remain undisclosed until the term sheets are finalized and agreed upon. Kore Potash also reserves the right to decline the proposal from the Consortium. There is no certainty that the final proposal will result in a legally binding agreement, nor that the terms will be acceptable to Kore Potash. Should the Consortium’s financing package not meet the company’s criteria, Kore Potash will consider alternative funding options, including debt, equity, or structured finance.
The Kola Potash Project, which is 97% owned by Kore Potash, is situated in the Sintoukola Basin. The development of this project is significant for the company, and securing funding is a critical step towards its advancement. The company has committed to keeping the market informed in line with its continuous disclosure obligations.
This news is based on a press release statement from Kore Potash.
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