Kore Potash buys two drill rigs for pre-feasibility study

Potash exploration and development company Kore Potash has today completed the purchase of two drill rigs and ancillary equipment from Equity Drilling, it announced on Friday, to be used for its current DX pre-feasibility study drilling campaign.

The AIM-traded firm said that as consideration for the acquisition, 22 million new ordinary shares in the company were being issued to the vendor at a deemed price of 1.225p - the closing share price on 3 December,

It said the acquisition was in line with its strategy to undergo its development plans in a cost-effective manner.

“In addition to being the most cost effective way to complete the DX pre-feasibility Study drilling programme this equipment may also be used for any future project development related drilling,” said chief executive officer Brad Sampson.

At 1106 GMT, shares in Kore Potash were down 2.04% at 1.2p.