Agrimin raises A$13.2m for Mackay project
PERTH (miningweekly.com) – Sulphate of potash (SOP) project developer Agrimin will raise some A$13.2-million through a share placement and nonrenounceable entitlement offer to advance its Mackay project, in Western Australia.
The ASX-listed junior on Tuesday announced that it will raise an initial A$7-million through a share placement, with some 16.66-million shares to be issued at a price of 42c each, to institutional and sophisticated investors.
The share placement will be made under the company’s existing capacity and will not require shareholder approval.
In addition, Agrimin will offer a one-for-nine pro-rata nonrenounceable entitlement offer of some 15.6-million shares, priced at 40c each, to raise a further A$6.2-million.
Following the capital raising, Agrimin will be funded to undertake its current prefeasibility study (PFS) plans at Mackay, as well as native title negotiations and environmental studies. The company will also accelerate the definitive feasibility study (DFS) pilot trial and, should the outcome of the PFS prove positive, will be funded to undertake a DFS.
“We are delighted to have the opportunity to fast-track the commencement of the DFS pilot trial and other items on the critical path to construction,” said Agrimin CEO Mark Savich.
“Without pre-empting the outcomes of our ongoing PFS, the board has made the decision to undertake a capital raise in this manner and at this time, given the positive results of the project at all levels.”
Mackay has an indicated mineral resource of 4.3-million tonnes and an inferred mineral resource of 18.9-million tonnes of SOP.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOMDeveloped to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
