Junior sulfate of potash (SOP) producer Australian Potash Ltd., Subiaco, Western Australia, said on May 24 it has received firm commitments from investors for a placement of A$10 million, which will be completed by way of a two-tranche placement (62.2 million shares and 9.2 million shares, both at A$0.14 per share).
Funds will be used for the predevelopment activities at the Lake Wells SOP Project (LSOP) in advance of a Final Investment Decision, as well as commencing the maiden DDH program across Laverton Downs nickel sulphide target areas following identification of strong EM conductor plates scheduled to commence in May.
The company said it is finalizing predevelopment plans for the commencement of construction at LSOP, with the first production scheduled for mid-2023.