PERTH (miningweekly.com) – ASX- and Aim-listed Kore Potash is hoping to raise $13-million through a share placement to fund work at the Sintoukola potash project, in the Republic of Congo.
Kore on Friday said that the placement will be conducted through an accelerated bookbuild, which will be launched immediately.
The company has received indications from a number of its largest existing shareholders, as well as chairperson David Hathorn and CEO Bradley Sampson, that they would be participating in the fundraising.
Capital raised will be used to progress the first phase of optimisation at the Kola project, where Kore is considering a 2.2-million-tonne-a-year muriate of potash project, with a mine life of 33 years.
Previous studies had estimated that the Kola project would require a capital investment of some $2.1-billion to develop.
Funds raised will also be used to conduct a two-dimensional seismic survey, four-hole diamond drilling programme and a series of technical studies that forms part of a prefeasibility study of the Dougou extension project.