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LONDON - Kore Potash PLC, a company primarily engaged in potash project development, has initiated a trading halt of its shares on the Australian Securities Exchange (ASX) and the JSE Limited (JSE) in South Africa. The halt is in response to the pending announcement regarding a draft non-binding financing proposal and associated Term Sheets for the Kola Project from the Summit Consortium.
The company, holding a 97% stake in the Kola and DX Potash Projects in the Sintoukola Basin, Republic of Congo, made the decision in accordance with ASX and JSE rules. The trading halt is a temporary measure until further details on the financing proposal are disclosed.
While trading is suspended on the ASX and JSE, the company’s ordinary securities will continue to trade on AIM, a market operated by the London Stock Exchange (LON:LSEG).
The draft financing proposal, if finalized, could provide significant funding for the development of the Kola Project. The details of the Term Sheets and the identity of the members of the Summit Consortium have not been released yet.
The Board has approved the announcement, indicating that the company will provide updates as the situation evolves. Investors and stakeholders are advised to await further announcements for comprehensive information on the potential financial arrangement.
The trading halt serves as a precaution to maintain market order and prevent speculative trading until the company releases full details of the financing proposal.
This news is based on a press release statement and further information will be available following the company’s forthcoming announcement.
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