South Harz Potash Ltd has announced new equity commitments of A$450 000 received

They also announced commitments from Executive Chairman, Mr Len Jubber, is to subscribe for 5 million new shares at A$0.01 (being A$50 000) via a private placement on the same terms as the Shortfall Shares, subject to receipt of shareholder approval at the Company’s forthcoming Annual General Meeting (date to be advised).

Further activities targeting placement of residual shares under the Shortfall Offer (being 202 579 778 shares) are ongoing.

The committed equity from the recent placement (refer ASX announcement new equity of up to A$4 Million to Advance Brownfield Ohmgebirge Potash Development dated 1 August 2024), along with the completed entitlement offer and commitments referred to above now total A$2 021 096 in new equity (before costs). This includes a subscription for new equity of A$401 167 from the South Harz Directors in the placement (the completion of which remains subject to shareholder approval at the company’s forthcoming Annual General Meeting).

In line with South Harz’s streamlined low-cost optimisation setting in current global potash markets, the current focus of corporate and operational activities is:

• Completion of detailed due diligence and negotiation of definitive documentation for the purchase of the neighbouring Sollstedt mine property from Deusa International GmbH, Advancement of preparatory Stage 2 permitting activities (framework operating plan) for the Ohmgebirge Potash Development following grant of the Spatial Planning Assessment,
• Qualification assessment for potential German R&D tax incentive rebates (supplementary working capital) and complementary funding opportunities such as freight rail access and clean energy utilisation / critical minerals grants,
• Evaluation of long-term definitive feasibility study design and development funding pathways, including potential strategic partnership.

Read the article online at: https://www.worldfertilizer.com/potash/08102024/south-harz-potash-has-announced-new-equity-commitments-of-a450-000-received/