Kore Potash (ASX:KP2) conditionally raised around $10.1 million, before expenses, via a placing and direct subscriptions of new ordinary shares priced at 0.017 pounds sterling per share with eligible existing shareholders and new institutional and other investors, according to a Monday Australian bourse filing.

Its chairman David Hathorn plans to subscribe for an additional $500,000 worth of shares in the firm as soon as possible following the release of its results on or about March 31, on the same terms as the fundraising, subject to shareholder approval.

SP Angel Corporate Finance and Shore Capital Stockbrokers were the joint UK book runners, while Kela Securities coordinated the South African element of the capital raise.

It will use the funds to make payments to PowerChina International Group, among other things.

Company shares fell 12% in recent trade.