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Potash West (ASX:PWN) says it has successfully finalized a capital raising, via its lead manager Helmsec Global Capital, raising $2.9 million. Proceeds of the placement will be directed to ongoing project development at the Dandaragan Trough project and its Kullestedt potash project.
According to the press release:
Under the placement the Company will issue 58 million fully paid ordinary shares to new and existing shareholders who qualify under section 708 of the Corporations Act. The placement is made subsequent to shareholder approval received on 12 September 2014 to raise $2 Million, plus the Company’s available 15% capacity as defined under ASX listing rule 7.1.
Pat McManus, Managing director and the company’s register, said:
We are very pleased with the overwhelming support received for this capital raising, particularly in these challenging times for the junior resource sector. We will now look to progress the permitting and resource reporting on our prospective German projects and to accelerate the progress on our major glauconite deposits in the Dandaragan Trough north of Perth, Western Australia.
Click here to read the Potash West NL (ASX:PWN) press release
Click here to see the Potash West NL (ASX:PWN) profile.