In response to shareholder enquiries, Chatham Rock Phosphate Ltd. has provided the following update.
Chatham Rock Phosphate is still actively communicating with Capital Trust Group as it seeks to raise the capital which was a prerequisite to undertaking/entering the transactions outlined in Chatham Rock Phosphate’s announcement on Nov. 22, 2018. These transactions included an injection of $10-million (U.S.) into Chatham Rock Phosphate and the acquisition of Capital Trust Group by Chatham Rock Phosphate.
The wheels are certainly turning at Capital Trust Group. Chatham Rock Phosphate is aware that Capital Trust Group has just appointed a new chief executive officer, Dheerasak Suwannayos, a former president of Islamic Bank of Thailand. Mr. Suwannayos has also had a number of director and executive positions in other significant Thai companies.
However, and partly due to the imposition of the holiday season, Capital Trust Group’s process is taking longer than it (or Chatham Rock Phosphate) expected.
Consequently, it is looking likely that in order to retain operating momentum, Chatham Rock Phosphate will soon approach the market and eligible existing shareholders to raise further working capital.
Chatham Rock Phosphate expects to be in touch in the near future to detail the terms of the investment opportunity.
About Chatham Rock Phosphate Ltd.
Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of ultralow cadmium, environmentally friendly pastoral phosphate fertilizer. The company’s key role is connecting the resource with those who need it.
Using this phosphate will support sustainable farming practices, including healthier soil profiles and reduced accumulation of the heavy metal cadmium, reducing carbon emissions and dramatically lowering runoff to waterways and shrinking fertilizer needs over time.
