PERTH (miningweekly.com) – Potash developer Danakali has completed a A$20.3-million raise to fund early works at its sulphate of potash (SoP) project, in Eritrea.
The company earlier this year announced plans for a 47.2-million shares placement priced at 43c each, with Danakali saying on Wednesday that it had now completed the placement to institutional and sophisticated investors.
An additional A$464 400 will be received from the company’s directors, subject to shareholder approval at the company’s annual general meeting, scheduled for June.
Capital raised will be used to fund early works at Colluli, including site road development, geotechnical optimisation, reverse osmosis plant completion and installation, exploration camp relocation and camp installation.