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  • 3 years later...

APC is another of the WA Sulphate of Potash hopefuls, and one of the laggards. SO4 has been seen as the most advanced, but fell over and is now in receivership. KLL and AMN are next with RWD and APC kicking off. TMG is in its early days .

Australian Potash has tapped Shaw and Partners and Canaccord Genuity for an $8 million placement.

The offer was 8¢ per share, a hefty 30.4 per cent discount to the last close of 11.5¢ per share.

The raise was split into two tranches, with the second tranche (3 per cent of the total offer) needing approval at the Australian Potash annual general meeting in December. The company also plans to raise up to $2 million via a share purchase plan


APC plans to use the money to advance its Lake Wells suphate of potash project through to final investment decision target for the end of the first quarter, next year. It will put the money towards borefield drilling and test pumping, earthworks and site based expenditure at Lake Wells, and for working capital.

Australian Potash had $3 million in cash at September end. It has previously advised the market of a pre tax NPV of $415 million for Lake Wells.


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  • 6 months later...

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