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Australian Potash in trading halt ahead of capital raising news

Export Finance Australia will undertake detailed due diligence on providing an additional tranche to the proposed multi-tranche senior debt facility for the project.

Australian Potash Ltd - Australian Potash in trading halt ahead of capital raising
The company aims to appoint a lead arranger for the multi-tranche syndicated debt facility by the middle of this quarter.

Australian Potash Ltd (ASX:APC) has been granted a trading halt by the ASX ahead of a capital raising announcement.

The trading halt will remain in place until the beginning of regular trade on Wednesday, November 4, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 13 cents and since closing at 7.3 cents on August 7 have been up to 17 cents on September 25, a new high of more than eight years.

Export Finance Australia due diligence 

Australian Potash welcomed the start of a detailed assessment and due diligence on the Lake Wells Sulphate of Potash Project (LSOP) by the Australian Federal Government’s export credit agency Export Finance Australia (EFA) on October 23.

APC is focused on a Front-end Engineering Design (FEED) Study, finalising offtake discussions and securing financing to develop the LSOP, which is around 500 kilometres northeast of Kalgoorlie, in Western Australia's Eastern Goldfields.

This follows the release of a positive definitive feasibility study (DFS) in August 2019.

Quick facts: Australian Potash Ltd

Price: 0.13 AUD

Market: ASX
Market Cap: $71.45 m

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