Parkway Minerals Ltd (ASX:PWN) has today dispatched the Share Purchase Plan (SPP) documents to shareholders, which follows a successful placement at $0.01 to raise $850,000.
The SPP can raise up to another $1 million at the same price as the placement, with Parkway to allocate the new funds to exploration programs over the next 12-months at the Lake Barlee and the Dandaragan Trough projects, located in Western Australia.
At Lake Barlee, the company is exploring a sulphate of potash project from the brines in the lake.
The field work carried out in April 2017 showed high potassium grades in surface brine samples.
Parkway also remains focused on its Dinner Hill project, located in the Dandaragan Trough, where the company has a major land holding over one of the world’s largest known glauconite deposits.
The indicated resource delineated at Dinner Hill could be a source of phosphates and potash to the agriculture sector for many decades, with a mine life of over 40 years projected.