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TURNSTONE RESOURCES LTD — Capital/Financing Update 2024
Sep 1, 2024
65958_rns_2024-09-01_756824c4-2bea-45d5-8796-afdbd4cdb70c.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 2 September 2024
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ENTITLEMENT OFFER – EXTENSION OF CLOSING DATE
South Harz Potash Limited (ASX:SHP) ( South Harz or the Company ) refers to its pro-rata nonrenounceable entitlement issue to eligible shareholders of one Share for every three Shares held by eligible shareholders on 15 August 2024, at an issue price of $0.01 per Share, to raise up to $2,966,894 (before costs) ( Entitlement Offer ), as set out in the Prospectus dated 9 August 2024.
The Company advises that it has resolved to extend the Closing Date for its Entitlement Offer from 5.00pm (WST) Thursday, 5 September 2024 to 5.00pm (WST) Monday, 16 September 2024.
The extension of the Closing Date for the Entitlement Offer will allow eligible shareholders more time to consider the opportunity to take up their entitlements. In particular, the extension will provide the Company’s growing shareholder base in the European Union and UK, which represent approximately 26% of the shareholding in the Company (based on analysis performed in June 2024), enhanced opportunity to participate following reported logistical delays in receipt of Entitlement Offer documentation.
The Entitlement Offer is offered to eligible shareholders with a registered address in Australia, New Zealand, the European Union (excluding Austria), United Kingdom, Switzerland and Singapore.
The revised timetable for the Entitlement Offer is set out below:
Revised Timetable
| Revised Timetable | |
|---|---|
| Last day to extend the Closing Date | Wednesday, 11 September 2024 |
| Closing Date as at 5:00pm* | Monday, 16 September 2024 |
| Securities quoted on a deferred settlement basis | Tuesday, 17 September 2024 |
| ASX notified of under subscriptions | Monday, 23 September 2024 |
| Issue date and lodgement of Appendix 2A with ASX applying for quotation of the Shares |
Monday, 23 September 2024 |
| Quotation of Shares issued under the Offer** | Tuesday, 24 September 2024 |
The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. *Accordingly, the date the Shares are expected to commence trading on ASX may vary.
Further details of the Entitlement Offer, including details on how to accept the Entitlement Offer and key risks associated with an investment in the Company are set out in the Prospectus. Applications for Shares under the Entitlement Offer may only be made by completing the Entitlement and Acceptance Form which accompanies the Prospectus. Shareholders eligible to participate in the Entitlement Offer should read the Prospectus carefully and consult their professional advisers as necessary .
This announcement was authorised for release by the South Harz Board of Directors
Investor and media enquiries
Len Jubber Michael Vaughan Executive Chairman Fivemark Partners South Harz Potash Ltd +61 422 602 720 [email protected] [email protected]
CONTACT DETAILS ABN: 64 153 414 852 W: southharzpotash.com ASX Code: SHP E: [email protected] Frankfurt Code: A2DWXX P: +61 (0) 408 447 493
890.1 M Ordinary Shares 113.4 M Unlisted Options
U13, 6 -10 Douro Place West Perth, W.A. 6005
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About South Harz
South Harz is a potash exploration and development company with its flagship project located in the historic South Harz Potash District region of Germany, midway between Frankfurt and Berlin.
The South Harz Project hosts a globally large-scale potash JORC (2012) Mineral Resource estimate of 258 million tonnes at 13.2% K2O of Indicated Resources and 5.1 billion tonnes at 10.6% K2O of Inferred Resources across four wholly-owned project areas located favourably within central Europe. This comprises three perpetual potash mining licences, Ohmgebirge, Ebeleben and Mühlhausen-Nohra, and two potash exploration licences, Küllstedt and Gräfentonna.
The flagship Ohmgebirge Development (1.0 Mtpa potash capacity) was the subject of a positive PreFeasibility Study (PFS) and maiden Ore Reserve declaration in May 2024. As part of that process, South Harz also agreed non-binding key terms for the purchase of the neighbouring Sollstedt mine property, which includes extensive underground and surface infrastructure (including multiple operating shafts). The envisaged brownfield development of Ohmgebirge (as facilitated by the Sollstedt mine) delivers significantly lower pre-production capital expenditure and surface footprint (relative to the greenfield alternatives).
South Harz also received the Spatial Planning Assessment for Ohmgebirge in June 2024, a key step in the permitting process which confirmed the compatibility of all submitted site options with regional planning requirements.
South Harz Potash: Responsible potash mine development in the heart of the European market
www.southharzpotash.com
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For full Mineral Resource, Ore Reserve, Ohmgebirge PFS and Sollstedt acquisition key terms refer to South Harz ASX release Landmark Sollstedt Mine Purchase, Ohmgebirge Pre-Feasibility Study and Maiden Ore Reserve dated 22 May 2024, and Landmark Resource Upgrade at Ohmgebirge dated 12 July 2022. South Harz is not aware of any new information or data that materially affects the information included in these releases and confirms that all material assumptions and technical parameters underpinning the estimates in these releases continue to apply and have not materially changed.
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