African Potash Limited ("African Potash" or "the Company")
Appointment of Investment Banking Adviser
African Potash, the AIM listed exploration company focused on sub-Saharan potash assets and the vertical integration of fertiliser operations, is pleased to announce that it has appointed Loita Capital Partners International Limited ("Loita") as the Company's exclusive investment banking advisor and lead arranger to advise on, structure and conclude a US$50 million finance facility (the "Financing") to underpin the Company's trading agreement with COMESA/ACTESA (details of which have been provided previously). Information on Loita is set out below.
Loita's primary role will be to advise the Company and conclude the first tranche of the Financing (to finance the Company's fertiliser trading operations), which is expected to be an amount of up to US$50 million. The intended objective of the parties is to eventually put in place a COMESA umbrella fertiliser financing facility of up to US$500m.
Butterfly Corporate Finance was responsible for the introduction of the parties and the conclusion of the MOU between the parties.
African Potash Executive Chairman Chris Cleverly said, "The appointment of Loita represents a major milestone in our development as a vertically integrated fertiliser company. As an African focussed investment bank, Loita will support us in the conclusion of a US$50 million finance facility. Having already secured three strategic orders for the supply of fertiliser in Malawi, Zambia and Zimbabwe, and with further trade opportunities identified, the debt financing funds provided will enable us to fulfil the obligations of our current contracts whilst also supporting our extremely active growth strategy, further details on which we look forward to providing in due course."
Loita's Chief Executive officer N. Justin Chinyanta said, "Fertiliser is responsible for 40%-60% of the world's food supply - it is also a multibillion dollar global business that Africa MUST have a stake in. LOITA with its experience, finance and expertise is delighted to play our part in this historic COMESA / African Potash solution."
Notes on Loita Capital Partners International Limited:
Loita Capital Partners International Limited is an investment banking firm focused on Africa. Loita provides services in the arrangement and funding of debt transactions; advisory services and capital-raising for equity transactions; bank management; correspondent banking; asset management; and other corporate-oriented financial services.
Founded in 1992 by a group of international bankers, Loita has since grown into a unique pan-African group with a dedicated team of professionals from around the world. The group originates and completes transactions across Africa from a network of company and affiliated locations and relies on this local network to share and apply best practices, which take into account the reality and demands of our markets.
Loita derives its name from the Loita Naimina Enkio Forest in Kenya, a beautiful indigenous forest preserved by the local Maasai community.
This information is provided by RNS
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