Shaw and Partners is pleased to be appointed as Co-Manager to a placement by Australian Potash Limited (ASX.APC) of up to approximately 57.1 million new shares at $0.14 per share to raise $8.0 million.

The offer price of $0.14 represents a 20.0% discount to last traded price of $0.175, a 16.0% discount to the 5-Day VWAP of $0.167 and a 14.8% discount to the 10-Day VWAP of $0.164.  The Company retains the right to accept oversubscriptions of up to an additional A$2 million.

Proceeds from the offer will be used to fund the pre-development activities at the Lake Wells SOP Project including: drilling of paleochannel production wells including fit-out of headworks and brine pipeline; commencement of early works for the Lake Wells Village including in-ground services, water treatment plant and power supply; finalising syndicated debt facility with commercial bank ‘club’ in June 2021  and a maiden diamond drill hole program at the Company’s Laverton Downs nickel project, expected to commence by end of May 2021.

The offer is open to sophisticated and professional investors only

For more information please contact your Shaw and Partners adviser.

About Australian Potash

Australian Potash is a Sulphate of Potash (SOP) developer which holds tenure across three areas in Western Australia’s north-Eastern Goldfields, consisting of four projects including: the Lake Wells Sulphate of Potash (SOP) project; the Lake Wells Gold project; the Laverton Downs base metals project (LDP) and the Lake Darlot SOP and Gold exploration project.

The company is focused on the development of its 100% owned flagship SOP project “Lake Wells Sulphate of Potash” near Laverton.

APC will also commence a maiden Diamond Drill Hole program at the LDP nickel sulphide project (VTEMTM survey completed in 2020, and identified nickel fertile komatiite ultramafic rock profiles from soil geochemistry) APC is also engaged in a $7 million JV with St Barbara Ltd at the Lake Wells Gold Project in Laverton, Western Australia. APC is 30% free carried to completion of a Bankable Feasibility Study.