Danakali raises A$20.3 million in heavily oversubscribed placement for early work at Colluli SOP Project
The company will use proceeds for early work including site road development, geotechnical optimisation, reverse osmosis plant completion and installation, exploration camp relocation and RA International mine camp installation.
The early works program at the Eritrean project will begin immediately.
Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) (FRA:SO3) has completed a heavily oversubscribed placement to domestic and international institutional and sophisticated investors raising A$20.3 million.
The company will issue 47,296,231 ordinary shares in the placement at A$0.43 per share.
Proceeds will be used for early work at the Colluli Sulphate of Potash (SOP) Project in Eritrea, including site road development, geotechnical optimisation, reverse osmosis plant completion and installation, exploration camp relocation and RA International mine camp installation.