https://www.miningweekly.com

Australian Potash raises cash for Lake Wells studies

11th February 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Australian Potash will raise up to A$5.2-million through a renounceable rights issue to complete a definitive feasibility study on the Lake Wells potash project, in Western Australia.

The company on Monday said that it would offer three rights shares for every 14 shares held, at an issue price of 8c a share. The company is also offering one free attaching listed option, exercisable at 12c each, on or before August 8, 2021, for every four rights shares subscribed to.

The rights issue will be underwritten for up to A$4.2-million by Patersons Securities, which will also act as lead manager.

A scoping study on the Lake Wells project previously found that it could support a Stage 1 production of 150 000 t/y, and a Stage 2 production of 300 000 t/y, over a 20-year mine life. The project is expected to cost some A$175-million for the Stage 1 development, and a further A$163-million for Stage 2.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION