Drilling at Lake Wells. Source: Australian Potash/LinkedIn
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  • Australian Potash (APC) places its shares in a trading halt in regards to an upcoming capital raising
  • The halt will remain in place until the earlier of November 2 or when an announcement with further details is released, whichever occurs first
  • On October 14, Australian Potash updated the market on the development of the Lake Wells Sulphate of Potash (SOP) Project in Western Australia
  • Work is continuing on the development of the western and southern borefields, with APC expecting to achieve a 60 per cent production borefield capacity by the end of the year
  • Shares in Australian Potash last traded at 11.5 cents on October 28

Australian Potash (APC) has placed its shares in a trading halt in regards to an upcoming capital raising.

The halt will remain in place until the earlier of November 2 or when an announcement with further details is released, whichever occurs first.

Australian Potash is yet to disclose how much it intends to raise or what it will use the funds for once received.

On October 14, Australian Potash updated the market on the development of the Lake Wells Sulphate of Potash (SOP) Project in Western Australia.

Work is continuing on the development of the western and southern borefields with a further 11 new bores drilled.

Australian Potash expects that by the end of the year, 60 per cent of the production borefield capacity will be established.

The company last entered a trading halt in May when it undertook a $10 million placement.

More than 71.4 million fully-paid ordinary shares were issued to institutional, professional and sophisticated investors at 14 cents.

Australian Potash stated it would use the funds to undertake pre-development activities at the Lake Wells SOP Project and begin the maiden diamond drill hole program across the Laverton Downs nickel sulphide target areas.

Shares in Australian Potash last traded at 11.5 cents on October 28. The company has a $74.74 million market cap.

APC by the numbers
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