Kropz CEO stands down as group secures funding for Elandsfontein

African phosphate explorer and developer Kropz revealed on Wednesday that chief executive Ian Harebottle had chosen to resign from the group after having helped secure a loan facility with the ARC Fund to cover costs at its Elandsfontein project.

As a result of Harebottle's resignation, effective from 29 February, Kropz appointed Mark Summers, currently the company's chief financial officer, as its interim CEO until such a time as a permanent replacement can be found.

Kropz added that Harebottle's three-month notice period, which will be used to ensure a smooth transition period, will allow the AIM-listed firm to undertake a review of its senior management requirements.

Chairman Robin Renwick said: "I and the board have been extremely grateful for the contribution Ian has made as CEO of Kropz.

"He kindly undertook not to leave until the company had made progress towards a solution for Elandsfontein which, with thanks to the support of African Rainbow Capital, is now the case."

Separately, Kropz said Kropz Elandsfontein, its 74%-owned subsidiary, had entered into a SAR 30m (£1.51m) loan facility with black economic empowerment shareholder, the ARC Fund.

Kropz highlighted that the facility was necessary to enable Kropz Elandsfontein to progress with the execution of the modifications required at the Elandsfontein phosphate project.

As of 1015 GMT, Kropz shares had sunk 23.81% to 8.00p.