https://www.miningweekly.com

Australian Pacific completes share placement

10th October 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Australian Pacific has completed the placement of more than 294.3-million fully paid ordinary shares as part of its fully underwritten pro rata renounceable entitlement offer to raise A$100-million.

The company in September struck a deal with two of its suitors and its creditor and shareholder Trepang Services, which could see the Dartbrook mine being re-commissioned as a coal-producing asset.

Under the strategic partnership, M Resources and Tetra would each earn a 20% direct joint venture (JV) interest in the Dartbrook mine, while Trepang would earn a 10% free-carried direct interest in the JV if it agrees to extend the existing access and compensation agreement with Australian Pacific, as well as agreeing to various easement arrangements and the transfer of water rights on mutually agreeable terms, that would allow underground mining to continue for the duration of mine life extension approvals.

The strategic partnership is conditional on Australian Pacific successfully completing its entitlement offer, and the company obtaining all required authorisations, including shareholder approval, for the strategic partnership within 120 days.

Australian Pacific said on Monday that applications for more than 122.7-million shares were subscribed for by Trepang Services, set off against part of the agreed A$70.5-million owed to the company. The remainder of the debt owing will be paid out on Monday from the proceeds of the entitlement offer, leaving Australian Pacific debt free and with A$29-million in cash resouces.

Edited by Creamer Media Reporter

Comments

The content 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