Capital Structure


At the completion of the capital raising announced on the 2nd August 2016, the company will have 137,684,092 million ordinary shares on issue. It currently has 128593183 ordinary shares on issue and is seeking shareholder approval for an additional 9,090,909 ordinary shares to be issued at an EGM dated 15 September 2016. There are an additional 25,000,000 performance shares on issue which can convert to an ordinary share upon satisfaction of performance hurdles related to resources and Pre-Feasibility Study results and unlisted staff, corporate advisor and management options on issue with various exercise price and time limits. A summary of criteria is shown below;

Ordinary Shares

137,684,092 ordinary shares*

15,000,000 performance shares converting to ordinary shares upon the delineation of at least 200Mt @ 14%K2O JORC resource (Inferred) or 60Mt @ 14% K2O JORC Resource (Indicated) on Gabonese potash projects before October 2018

10,000,000 performance shares converting to ordinary shares upon the delivery of a Pre-Feasibility Study to ASX and JORC requirements delivering at least a +25% IRR at spot price base case.

Options

The Company has 17,125,000** options on issue at various strike prices and expiry dates.

Amount

Exercise Price

Expiry

1,000,000

$0.20

Q1 2017

3,250,000

$0.14

Q4 2017

6,000,000

$0.15

Q2 2018

2,625,000

$0.35

Q3 2019

4,250,000**

$0.35

Q4 2019

 

*(post approval 16 September 2016 EGM)

**(post approval 2016 AGM)