News Column

African Potash Issues First Tranche Of Convertible Securities

August 15, 2014

Samuel Agini

LONDON (Alliance News) - AIM-listed African Potash Ltd Friday said it has issued the first of four tranches of convertible securities under an agreement disclosed to the market last week.

The exploration company, which focuses on sub-Saharan potash assets, said it issued the convertible security with the nominal value of USD830,000 at a purchase price of USD750,000.

Last Friday, African Potash said it had secured up to USD3.8 million in financing through an issuance of zero-coupon convertible securities to an institutional investment fund managed by New York-based alternative asset manager Bergen Asset Management LLC.

The convertible securities are being issued in four tranches to Bergen Opportunity Fund LP.

Shares were Friday quoted down 3.7% at 3.25 pence.

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Source: Alliance News

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