logo-loader
Danakali Ltd

Danakali Ltd's directors increase stakes through option conversion

au_danakali_seamus_cornelius_358.jpg

Danakali Ltd's (ASX:DNK) directors, Seamus Cornelius and Anthony Kiernan, have both increased their stakes in the company through the conversion of in-the-money-options.

Cornelius and Kiernan both acquired 200,000 additional shares at a cost of $55,600 via the exercise of $0.278 options.

Danakali has the potential for a lot of option exercise currently, which would add to its cash position.

As an example, the latest capital raising by the company was completed at $0.22, and included one free attaching unlisted option exercisable at A$0.35 with an expiry date 2 years from issue, for every two placement shares.

Danakali's shares are up 90% since the raising last trading at $0.42, and therefore all of these options issued are in the money.

The company is focused on the Colluli project, which is one of the most advanced sulphate of potash (SOP) projects in the world.

Danakali has a 50% equity interest in Colluli through a joint venture with the Eritrean National Mining Company.

Colluli is a tier 1 project, and is the most fundable advanced SOP project in the world.

The mining license approvals are well advanced, and 800,000 per annum of SOP product signed under a memorandum of understanding.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Danakali Ltd

Price: $0.66

Market: ASX
Market Cap: $173.79 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Danakali Ltd named herein, including the promotion by the Company of Danakali Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Danakali focused on closing project financing and kicking off construction...

Danakali Ltd (ASX:DNK, LON:DNK) CEO Niels Wage caught up with Proactive London's Andrew Scott soon after announcing they'd received credit approval for a US$200 million senior debt facility to fund construction of the Colluli Potash Project in Eritrea. He says they're continuing to assess a...

4 weeks, 1 day ago

2 min read