https://www.miningweekly.com

Australian Potash exits administration

2nd February 2024

By: Creamer Media Reporter

     

Font size: - +

Australian Potash, which owns the Lake Wells sulphate of potash development in Western Australia, has exited administration, with its directors fully back in control of the company.

Australian Potash entered voluntary administration in December.

“We successfully and quickly negotiated our way through the voluntary administration process, which now allows us to move forward with having APC’s shares requoted on the ASX,” said MD and CEO Matt Shackleton.

The company’s balance sheet has been significantly restructured with all previous trade creditors and other payables agreeing to the settlement terms proposed in the deed of company arrangement.

Most creditors will receive 100c in the dollar.

Australian Potash said it had identified walk-up drill targets to work on. The company would also push forward with the requisite access and heritage agreements at the Nexus rare earth element project in the West Arunta.

Further, it will shortly lodge a prospectus for the issue of shares to fund the planned exploration programme, and heritage and access work. The capital raising process has been managed by Canaccord Genuity and Cumulus Wealth, which will underwrite A$2.75-million of the targeted A$6-million maximum raise.

Australian Potash has appointed Jonathan Fisher to its board, while Natalia Streltsova and Rhett Brans have resigned their directorships.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







sq:0.048 1.034s - 110pq - 2rq
Subscribe Now