Kore is raising the cash for its Sintoukola potash project in Republic of Congo, with pricing of the new shares to be determined by an accelerated bookbuild undertaken today.
Kore's CEO Brad Sampson and chairman David Hathorn have indicated they will participate in the fund raising for Sintoukola, as have major shareholders.
Kore has completed definitive feasibility work on its Sintoukola's flagship Kola sylvinite deposit, but is looking at implement a lower capital cost venture at the Dougou Extension (DX) sylvinite deposit.
The latter could be more rapidly brought on line and generate cash for Kola's ultimate development.
Prefeasibility work for DX is planned.
Shares in the ASX and AIM-listed Kore have recently been trading at A5.5c, capitalising the company at $47.5 million.
The stock briefly traded at levels around 16c late last year.