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TURNSTONE RESOURCES LTD — Capital/Financing Update 2023
Aug 29, 2023
65958_rns_2023-08-29_bf880442-6547-4b89-9d7d-b6195fd5f8f9.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 30 August 2023
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SHARE PURCHASE PLAN CLOSES OVERSUBSCRIBED
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Valid SPP applications received totalling A$990,000, well in excess of the initial A$500,000, showing strong support from shareholders
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Total funds raised with SPP and placement strengthens treasury with an additional amount of A$3.6m million
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South Harz well-funded to facilitate ongoing advancement of the Ohmgebirge potash development, including completion of the PFS currently in progress, targeted for completion later this year
South Harz Potash Limited (ASX: SHP) ( South Harz or the Company ) is pleased to advise that it has successfully closed the Share Purchase Plan ( SPP ) announced on 10 August 2023.
The SPP was strongly supported by eligible shareholders and was oversubscribed beyond the A$500,000 the Company had sought to raise. The Company received over 120 valid applications totalling approximately A$990,000 at the issue price of A$0.03 per share (together with a 1-for-4 attaching unlisted option with an exercise price of A$0.08 per share and expiry of 10 August 2026), being the same terms as the A$2.6 million placement announced on 2 August 2023.
| Funds Raised | |
|---|---|
| Placement | $2,414,820 |
| SPP | $990,000 |
| Director Participation in Placement (subject to shareholder approval) |
$245,000 |
| Total | $3,649,820 |
Given this oversubscription, the South Harz Board has exercised its discretion under the terms of the SPP to increase its size in order to accept all applications in full. The Board took this decision in recognition of the longterm support of its retail shareholders.
The final SPP outcome will see a total of 32,999,937 million new fully paid ordinary shares issued on 31 August 2023, representing approximately 4.8% of South Harz’s existing ordinary shares on issue. The additional free attaching options will be subject to shareholder approval at an upcoming General Meeting in October 2023 (‘ Meeting ’).
Subject to shareholder approval at the Meeting, investors under the SPP will also be invited to apply under a separate option offer prospectus (‘ Options Prospectus’ ) for one free attaching option for every four New Share subscribed for in the SPP, with each option having an exercise price of $0.08 and expiring 10 August 2026 (‘ SPP Options’ ).
CONTACT DETAILS ABN: 64 153 414 852 W: southharzpotash.com ASX Code: SHP E: [email protected] ASX Code (Options): SHPO P: +61 (0) 408 447 493 Frankfurt Code: A2DWXX
680.5 M Ordinary Shares 90.4 M Unlisted Options
U13, 6 – 10 Douro Place West Perth WA 6005
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South Harz Managing Director and CEO, Luis da Silva, commented:
“I would like to thank all eligible shareholders who participated in the SPP, resulting in a pleasing level of oversubscription. We have taken the decision to accept all applications in full so as to recognise and thank these shareholders for their support of our funding initiatives.”
“The funds raised via the placement and SPP will facilitate the ongoing advancement of our Ohmgebirge Potash Development, including completion of the PFS currently in progress. Our work to date continues to affirm the world-class nature of Ohmgebirge and its strong potential to leverage existing regional infrastructure and a genuine brownfield development pathway. We look forward to providing further updates as key outcomes are progressively concluded and the PFS advances towards targeted completion later this year.”
This ASX release has been approved by CEO & Managing Director, Luis da Silva.
Investor and media enquiries
Luis da Silva Michael Vaughan CEO & Managing Director Fivemark Partners South Harz Potash Ltd +61 422 602 720 [email protected] [email protected]
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About South Harz
South Harz Potash (ASX: SHP) ( South Harz ) is a potash exploration and development company with its flagship project located in the South Harz Potash District of Germany, midway between Frankfurt and Berlin.
The South Harz Project hosts a globally large-scale potash JORC (2012) Mineral Resource estimate of 5 billion tonnes at 10.6% K2O of Inferred resources and 258 million tonnes at 13.5% K2O of Indicated Resources across four wholly-owned project areas located favourably within central Europe.[1] This comprises three perpetual potash mining licences, Ohmgebirge, Ebeleben and Mühlhausen-Nohra, and two potash exploration licences, Küllstedt and Gräfentonna, covering a total area of approximately 659km.
With strong established infrastructure proximate to the key European market, the South Harz Project is well positioned to enable rapid economic development across multiple deposits.
South Harz Potash: Growing a responsible potash business in the heart of Germany
www.southharzpotash.com
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- Refer to South Harz ASX release dated 12 July 2022 for full Mineral Resource estimate details. In accordance with ASX Listing Rule 5.23, the Company is not aware of any new information or data that materially affects the information included in this release, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in these releases continue to apply and have not materially changed.