London-Sunkar Resources PLC said that it has secured a three-year equity line facility (ELF) of up to £10 million (US$15.16 million) with Dutchess Opportunity Cayman Fund Ltd. The ELF has been arranged by First Columbus LLP, Dutchess’s joint venture partner in the UK. The ELF offers the company ongoing access to capital as it enables the company to obtain funding from Dutchess at any time during the next three years by way of subscription for new ordinary shares in the company. Subscriptions will be priced at a 6 percent discount to the market price and will take place at timings and intervals and in sizes determined by the company, subject to the agreed mechanisms specified under the ELF. Sunkar CFO Donald Sinclair said “alongside our existing funds, this facility will allow the Company to continue its rapid development. Importantly, the facility allows the Company flexibility to draw only as needed and therefore protect our shareholders from unnecessary dilution.” Sunkar is pursuing the development of a phosphate project in Kazakhstan.
Transparency Across the Fertilizer Value-Chain