Danakali : Placement to raise A$12.25M to continue positive advancement of Colluli potash project development
ASX Release 17 May 2017 Placement to raise A$12.25M to continue positive advancement of Colluli potash project development
Danakali Limited (“DNK” or “the Company”) is pleased to announce that it has received commitments from institutional and sophisticated investors in the United Kingdom and Australia to subscribe for approximately 20 million new ordinary shares of the Company to raise gross proceeds of approximately A$12.25M (“Placement”). Proceeds from the Placement will be used to complete the development cost reduction and optimisation work identified in the front-end engineering design process, completion of the tendering processes for key contracts including mining and Engineering Procurement and Construction (EPC), completion of offtake and financing activities, on the ground work to reduce the project development timeline, working capital and transaction costs.