AUS$500 000 of new equity raised to advance Ohmgebirge Potash Development
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
South Harz Potash Ltd has announced it has received binding commitments for a placement of AUS$500 000 (before costs) through the issue of 50 000 000 fully paid ordinary shares in the company (placement shares) to sophisticated investors at an issue price of AUS$0.01 per share (placement).
The placement includes subscriptions by the South Harz Directors to the value of AUS$149 867 for 14 986 700 placement shares. This comprises 6 493 400 placement shares to Len Jubber (or his related entity), 7 493 300 placement shares to Rory Luff (or his related entities) and 1 000 000 placement shares to Reinout Koopmans (together, the director placement shares).
The issue of these director placement shares is subject to receipt of shareholder approval at the company’s next general meeting which is expected to be held on 14 April 2025.
Proceeds from the placement will be directed towards:
- Securing a strategic development partner or cornerstone investor(s) with the assistance of recently appointed financial adviser, Cutfield Freeman & Co.
- Finalising negotiations and executing a binding agreement with Deusa for the purchase of the adjacent Sollstedt mine with substantial in-place infrastructure.
- Investigating value engineering opportunities for the Ohmgebirge Project that could provide a pathway to reduce the upfront pre-production capital requirement.
- Working capital for general, administrative and technical costs and additional costs associated with the capital raise.
Read the article online at: https://www.worldfertilizer.com/project-news/19022025/aus500-000-of-new-equity-raised-to-advance-ohmgebirge-potash-development/
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