Parkways claims that the placement was conducted under its placement capacity under listing rules 7.1 and 7.1A (with 50 470 385 shares under listing rule 7.1, and remaining 34 529 615 shares under listing rule 7.1A).
The company claims that the raising is being undertaken to fund an exploration programme at Lake Barlee, Australia, which has been scheduled for the coming 12 months.
Patrick McManus, the Managing Director of Parkway, said: “The company sees the potential of Lake Barlee to add value to Parkway. This raising will allow us to complete a significant programme on that project over the next 12 months.
“The Parkway team thanks all parties who participated in the placement and welcomes new shareholders to the company. The funding sets the foundation for realising value from the assets held by the company.”
Parkway Minerals focuses on developing fertilizer feedstock projects, and holds 1961 km2 of exploration licences and applications over Lake Barlee, where it is exploring a sulfate of potash project from the brines of the lake.
The company also holds a major land holding over one of the largest known glauconite deposits in the world, with exploration licences and applications covering a 1150 km2 area in the greensand deposits of the Dandaragan Trough in the Perth Basin. Parkway claims that this area is prospective for potash as well as phosphate, with an earlier exploration indicating that glauconite sediments are widespread for over 150 km along strike and 30 km in width. A pre-feasibility study is reportedly in progress for stage 1, production of phosphate fertilizers. The project is located close to rail, power and gas infrastructure.