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Australian Potash raises AUS$2.23 million from rights offer

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World Fertilizer,

Australian Potash (APC) has confirmed that its pro rata renounceable rights offer of 1 share for every 7 shares held by eligible shareholders at an issue price of AUS$0.05 per new fully paid ordinary share (Rights Issue) closed as planned on 29 May 2020, raising approximately AUS$2.23 million.

The rights uptake complements the AUS$2 million placement completed in April this year.

Managing Director and CEO, Matt Shackleton, commented: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team are doing on the offtake programme, where just under 50% of the planned production is now contracted; the approvals pathway, where we recently received consent from the Environmental Protection Authority to commence minor works on site and our Environmental Review Document is progressing steadily through the approvals process; and financing, where we have experienced project debt providers in our data room conducting due diligence.

“The changes we have been making through the FEED programme are yielding some quite outstanding results, including reducing the LSOP’s already low carbon footprint and improving logistics.

“The building blocks are all here: a major JORC compliant Measured Resource estimate that is the largest in class, a methodical, thorough and detailed sequence of study programs minimising execution and financing risk, strong demand for our offtake product and a clearly defined newsflow.”

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