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JOHANNESBURG - Kropz Plc (AIM:KRPZ), an emerging African phosphate producer, has drawn down ZAR 80 million (approximately $4.6 million) from its previously announced bridge loan facility, the company said in a statement Wednesday.
This represents the third drawdown from the ZAR 200 million (approximately $11.4 million) loan facility that was established between Kropz Elandsfontein (Pty) Ltd and ARC Fund on July 14. Following this latest drawdown, ZAR 30 million remains available under the facility.
Kropz, which is developing phosphate projects in South Africa and the Republic of Congo, is working to establish itself as a phosphate rock producer in sub-Saharan Africa. The company aims to develop into an integrated mine-to-market plant nutrient company focused on the region.
The company’s shares are listed on London’s AIM market. Kropz did not specify in its press release statement how the funds would be utilized.
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