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Memery Crystal advises Kropz on its admission to AIM and purchase of Cominco Resources

30/11/2018

At a glance

Memery Crystal have advised South African phosphate development and mining company Kropz simultaneously on its admission to AIM; fundraising of $35m with existing and new UK, South African and international shareholders; and its $40m all-share acquisition of Cominco Resources. Admission to AIM became effective on 30th November 2018, with the company’s market capitalisation being just over £96m.

The funds raised will be used to complete the upgrade and commissioning of the Elandsfontein phosphate project on South Africa’s west coast, reduce debt, and boost its exploration programme in Ghana, where it has the rights to the Aflao prospect.

Funds will also be used to advance the development of the Hinda phosphate project in the Republic of Congo, and upon admission to AIM, Kropz bought 71.3% of Cominco Resources, which through its subsidiary, Cominco SA, owns the Hinda project.

The Memery Crystal team on this transaction was led by our Chief Executive and Senior Corporate Partner Nick Davis, and included Melanie Talbot, George Pendarves, Thomas Grace and Nickhil Mandora from our Corporate team with additional support from Jenni Jenkins and Nikola Lowry-Lee from our Dispute Resolution team, and Mark Rose and Lara Shillito from our Employment team.

Commenting on the deal, Nick Davis said: “We are delighted to have advised Ian Harbottle and his team at Kropz on these simultaneous transactions. We look forward to working with Kropz in the future and watching their progression and growth in the UK capital markets.

Notes to the editors:

  • Kropz is an explorer, mine developer and miner of fertilizer feed minerals, striving to develop a vertically integrated fertilizer manufacturing capability producing a progressive range of plant nutrients for the sub-Saharan African agricultural industry. For more information, visit www.kropz.com.
  • An industry-leading equity capital markets advisor, Memery Crystal is a specialist London-based international law firm with a strong track record of acting for clients in the natural resources sector. As of today, the firm has acted for three of the five African asset based natural resources companies to list on the London Stock Exchange this year.

(Image Source: Kropz)

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