Emmerson raises £2.25m through placing of share to fund potash project
Source - SMW
Potash development company Emmerson raised £2.25m gross through an oversubscribed placing of 60,000,000 new ordinary shares.
The shares were placed at a price of 3.75p per share, and would be used to continue to develop the Khemisset Potash project.
'These funds enable us to continue our strategy of rapidly advancing the Project and our discussions with various potential strategic partners, without the pressure of impending short term capital requirements,' CEO Hayden Locke said.
'The second half of the year will see significant project related news flow including metallurgical test work results, an updated Mineral Resource Estimate, various partner discussions in country, continuing offtake discussions and the delivery of the full Feasibility Study.'
'This work builds upon the findings of the Scoping Study for Khemisset, which highlighted its sector leading capital costs and EBITDA margins, delivering post tax cash flow of nearly US$190 million per annum, and a post-tax NPV10 of US$1.14 billion using independent industry analyst price forecast.'