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Australian Potash launches AUS$12 million capital raise

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World Fertilizer,

Australian Potash has received firm commitments to raise approximately AUS$12 million via a two tranche placement at an issue price of AUS$0.08 per share.

The proceeds will be used to advance the Lake Wells sulfate of potash (SOP) project, focusing on continued bore development and de-risking a Final Investment Decision targeted for the end of 1Q22, earthworks and working capital.

Matt Shackleton, Australian Potash’s Managing Director and CEO said: “Funds raised from this placement and SPP will allow APC to continue to develop and de-risk the Lake Wells SOP Project over the coming months. Our progressive de-risking strategy, when applied to the Mineral Resource, is to continue developing bores, pump-testing those bores and then reconciling recorded flow rates back to the hydro-model, which is effectively our mine development plan. At this point, our schedule indicates we will have approximately 30%- 50% of the production borefield by volume developed through Q1 2022.

“Corporately we remain focused on finalising credit approval processes for the balance of the syndicated, development debt facility. I look forward to updating shareholders on progress at the LSOP presently.”

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