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Aim-listed Kropz on June 2 received approval from the South African Reserve Bank for a R177-million equity facility with African Rainbow Capital (ARC) Fund.

In May, the emerging African phosphate explorer and developer announced that it had entered into a new conditional convertible equity facility of up to R177-million with ARC, the company’s biggest shareholder, to deliver the company’s Elandsfontein phosphate project to first revenue.

Shareholder approval for the facility was received on May 30.

The facility is now unconditional and the first drawdown of R103.5-million was made on June 2.

The bridge loan of R25-million, as announced in April, will be set off against the first drawdown amount and the net amount of R78.5-million will be received by the company from ARC, in respect of the first drawdown.

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