Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.
The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.
Lake Wells Sulphate of Potash Project[hhmc]
APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.
Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.
Offtake deals and approvals progressing well[hhmc]
APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.
“There is clear recognition of the continued good work the APC team are doing on the offtake program, where just under 50% of the planned production is now contracted; the approvals pathway, where we recently received consent from the Environmental Protection Authority to commence minor works on site and our Environmental Review Document is progressing steadily through the approvals process; and financing, where we have experienced project debt providers in our data room conducting due diligence.
“The changes we have been making through the FEED program are yielding some quite outstanding results, including reducing the LSOPs already low carbon footprint and improving logistics.
30-year mine life producing 150,000 tonnes per annum[hhmc]
Shackleton added: “The building blocks are all here: a major JORC compliant Measured Resource estimate that is the largest in class, a methodical, thorough and detailed sequence of studRead More – Source
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