Australian Potash raises A$5m for Lake Wells
PERTH (miningweekly.com) – Potash developer Australian Potash will raise A$5-million to advance work on its Lake Wells sulphate of potash (SOP) project, in Western Australia.
The company on Monday said that a bookbuild had been completed for the placement of some 30-million shares, at 10c each, to sophisticated and professional investors, to raise an initial A$3-million.
Australian Potash was hoping to raise a further A$2-million through a share purchase plan, allowing eligible shareholders to subscribe for up to A$15 000 worth of new shares, also priced at 10c a share.
Executive chairperson Matt Shackleton told shareholders that the funds raised would allow the company to aggressively progress the study phase of the Lake Well SOP project.
“We have defined the largest indicated SOP resource estimated in Australia to date, developed early stage relationships in the largest market for SOP through memorandums of understanding, and completed a scoping study with very strong economics. The scoping study confirmed a conventional, proven abstraction method to produce a high-quality SOP product in the bottom of the global cost curve.”
Shackleton said that Australian Potash’s key focus is on positioning the company to deliver a strong feasibility study in the first half of 2018, that confirms the potential for a high returning project, and positions Lake Wells as a superior SOP project.
In addition, funding would also be used to start exploration at the Yamarna gold project, which runs contiguously north and along strike from fellow-listed Gold Road Resource’s Gruyere project.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
