Completion of $1.8m Placement
Released
Released
Announcement PDF
ASX Announcement
25 June 2015
_____________________________________________________________________________________
COMPLETION OF $1,800,000 PLACEMENT
COMPANY DETAILS
ABN: 62 147 346 334
•
PRINCIPAL AND
REGISTERED OFFICE
Potash West NL
Suite 3
23 Belgravia Street
Belmont WA 6104
POSTAL ADDRESS
PO Box 588
Belmont WA 6984
W www.potashwest.com.au
E info@potashwest.com.au
P +61 8 9479 5386
•
Placement completed at 4.0c, for a share plus ½ a 7c option, raising $1,800,000
before costs.
Funds to be applied to advancing the Dinner Hill Phosphate project.
The Company is pleased to advise that it has successfully finalised a capital raising via our Lead
Manager, Calibre Investments. The Company initially sought to raise $1.5 million but was
pleased that the issue was significantly oversubscribed with firm commitments to raise $1.8
million before costs.
The Company is pleased to welcome a number of institutional investors onto the Company’s
register and Managing Director, Pat McManus, commented “we are very pleased with the
support received for this capital raising, particularly in what are challenging times for the junior
resource sector. We will now look to accelerate the progress on our Dinner Hill phosphate
project in the Dandaragan Trough north of Perth, Western Australia.”
F +61 8 9475 0847
ASX CODE
PWN
FRANKFURT CODE
A1JH27
OTC PINK CODE
PWNNY
Under the placement the Company will issue 45 million fully paid ordinary shares to new and
existing shareholders who qualify under section 708 of the Corporations Act. In addition 22.5
million options, with a three year life and a 7c exercise price will be issued, subject to
shareholder approval. The placement is made subsequent the Company’s available 15%
capacity as defined under ASX listing rule 7.1, and its 10% capacity as defined under ASX listing
rule7.1A.
CORPORATE
INFORMATION
(25 June 2015)
Proceeds of the placement will be directed to ongoing project development activities at its
world-class Dandaragan Trough projects, close to Perth in Western Australia.
201M Ordinary shares
36M Partly paid shares
5M Unlisted options
For further information, please contact:
BOARD OF DIRECTORS
Adrian Griffin
(Non-Executive Chairman)
Patrick McManus
(Managing Director)
Chew Wai Chuen
(Non-Executive Director)
Gary Johnson
(Non-Executive Director)
Potash West NL
Patrick McManus
Managing Director
Tel: +61 (08) 9479 5386
info@potashwest.com.au
Web: www.potashwest.com.au
Calibre Investments
Ben Faulkner
Tel:+61 (0) 3 8640 5506
Media:
Professional Public Relations
Colin Hay
Tel: +61 (08) 9388 0944
About Potash West
Potash West (ASX: PWN) is an exploration company focused on developing potassium-rich glauconite
deposits in West Australia’s Perth Basin. The Company aims to define a substantial resource base and
investigate how best to recover phosphate and potash from the mineral. The project is well situated in
relation to infrastructure, with close access to rail, power and gas. A successful commercial outcome will
allow the Company to become a major contributor to the potash and phosphate markets at a time of
heightened regional demand.
The Company has a major land holding over one of the world’s largest known glauconite deposits, with
exploration licenses and applications covering an area of 2,600km2. Previous exploration indicates
glauconite sediments are widespread for more than 150km along strike and 30km in width.
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