The placement introduced a number of new domestic and international institutional and high net worth investors to the share register.
Funds raised will be used towards progressing construction activities at the Fort Cady Borate Mine in California, US.
Enhanced Fort Cady Borate Mine DFS
ABR is on track to deliver an enhanced definite feasibility study (DFS) by April 30 2020 targeting an increase in sulphate of potash (SOP) production for Phases 1B, 2 and 3.
Importantly, any revision will only have a minor impact on Phase 1A and is unlikely to result in additions to the construction and production timelines.
Mine construction activities ongoing
Initial construction activities for the mine commenced last month.
Earlier this month, ABR took possession of second-hand boric acid production equipment necessary for initial phase 1A production.
Early infrastructure work is ongoing with workers on site undertaking road, fencing and initial survey work to support the installation of key supporting infrastructure equipment.
Closure of Amvest convertible note
Last week, ABR paid Amvest Capital Mining Opportunities, LLC US$1.4 million, which represented the return of the outstanding balance of the US$2 million Amvest convertible note issued in 2019.