Kore Potash, a potash development company based in London, has announced that their Chief Executive Officer (CEO), Brad Sampson, has resigned as a company director, effective immediately. However, Sampson will continue to serve as the CEO until the end of November.
To ensure smooth operations during this transition period, Kore Potash has appointed David Hathorn, the Chairman of the company, as the interim CEO. The company has also stated that they do not plan to hire a new CEO until after they receive a financing proposal for their Kola potash project in the Republic of Congo.
According to Hathorn, the process of finalizing agreements for engineering, procurement, and construction contract terms, as well as securing a financing proposal for the full construction cost of the Kola potash project, is nearing completion. They expect these matters to be finalized in the first quarter of 2024, with construction contractors set to be mobilized in the first half of that year.
In other news, earlier on Tuesday, Kore Potash successfully raised $2.5 million through a discount share subscription.
As a result of these recent developments, shares in Kore Potash have dropped by 23% to 0.43 pence as of 0911 GMT.
