has completed a bookbuild for a placement to investors to
raise AUS$1.6 million through a placement of approximately 22 857 142 fully paid ordinary
shares (New Shares) at an issue price of 7.0 cents each (Placement), to fund ongoing
pre-development activities at its 100% owned Lake Wells Sulphate of Potash Project
(LSOP) in Western Australia.
The New Shares will be issued on the same terms as, and rank equally in all respects with,
the existing fully paid ordinary shares in the Company. The allotment of the Placement is
not subject to shareholder approval (other than indicated below) and will fall within the
Company’s 15% placement capacity under ASX Listing Rule 7.1. Settlement is expected
on or around 24 December 2019. The Company was pleased to receive the
support of its Non-Executive Chairman, Jim Walker, in the placement (for 857 142 New
Shares), subject to shareholder approval.
Proceeds from the Placement will be applied towards finalising the LSOP permitting and
approvals process and progressing FEED and optimisation activities.
Read the article online at: https://www.worldfertilizer.com/potash/18122019/australian-potash-advances-feed-programme-for-lake-wells-sulfate-of-potash-project/
The plummeting cost of raw materials, growing production capacity, and mediocre demand have pressured global price indicators of nitrogen, phosphate, and potash to fall either to or near ten-year lows, according to Rabobank’s Semi-Annual Global Fertilizer Outlook.