PERTH (miningweekly.com) – Junior Centrex Metals has completed a A$4-million share placement to fund work at its Ardmore rock phosphate project, in Queensland.
The ASX-listed company on Thursday said that it had received binding commitments for 44.4-million new shares from professional and sophisticated investors, priced at 9c a share.
The shares will be placed under the company’s existing placement capacity, and will not require shareholder approval.
“We are pleased to receive firm commitments from new and certain existing shareholders who have recognised the value and potential of the company’s flagship Ardmore rock phosphate project. With this additional capital, we are now in a position to recruit key management and necessary technical staff required to progress the project, with it being one of the highest grade undeveloped rock phosphate projects in Australia at a time of buoyant prices for phosphate globally,” said Centrex MD Robert Mencel.