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Cominco Merges with Kropz Plc

The merged entity mainting the title Kropz (AIM:KRPZ) raised £27.3 million (US$35 million) upon listing on the London Stock Exchange’s junior market.

The company has the Elandsfontein phosphate project on South Africa’s west coast, and the world class Hinda phosphate project in the Republic of Congo and also has the rights to the Aflao prospect in Ghana.

The company’s initial share price of 42.5p values it at just over £100 million, with 15% of shares in public hands.

The Hinda acquisition involves Kropz swapping 1.66 shares per share of Hinda owner Cominco, with 71.3% support from shareholders received as of Friday morning.

The developer’s CEO Ian Harebottle said it was a tricky time for equities so he was happy with the raising figure.

“We are pleased to have raised gross proceeds of £27.3 million despite the recent volatility across the global stock market,” he said.

The cash will go towards Elandsfontein and putting together a development plan for Hinda, which has a feasibility study done for its resource of 675.8 million tonnes at 10% P2O5. “

Kropz aims to get Elandsfontein into production by the end of next year.