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American Pacific Borates raises $7.1 million to advance Fort Cady Borate Mine

The company is on track to deliver an enhanced definite feasibility study by April 30 2020. Initial construction activities for the mine commenced last month.

American Pacific Borates Ltd - American Pacific Borates raises $7.1 million to advance Fort Cady Borate Mine
Workers unloading boric acid production equipment at Fort Cady Borate Mine

American Pacific Borates Ltd (ASX:ABR) has raised $7.1 million via a placement of shares at 40 cents per share to institutional, professional and sophisticated investors.

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.

Quick facts: American Pacific Borates Ltd

Price: 0.76 AUD

ASX:ABR
Market: ASX
Market Cap: $238.52 m
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