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.
Danakali Ltd raises A$20 3 million in heavily oversubscribed placement for early work at Colluli SOP Project
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Danakali Ltd raises A$20 3 million in heavily oversubscribed placement for early work at Colluli SOP Project
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Danakali in trading halt with capital raising announcement pending
The company is focused on the development of the Colluli Sulphate of Potash Project in Eritrea, a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation (ENAMCO). The halt will remain in place until April 28 or when an announcement is released to the market.
Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed capital raising.
The halt will remain in place until the beginning of regular trade on Thursday, April 29, or when an announcement is released to the market, whichever occurs earliest.