South Harz Potash Limited: Raises A$U2.4 million in Capital

South Harz Potash Limited (ASX: SHP) announced the successful attainment of binding commitments from proficient and institutional investors, securing around AU$ 1.25 million (pre-expenses) through a placement at AU$ 0.023 per share. The company aims to raise around AU$ 1.2 million through a 1-for-15 pro-rata non-renounceable rights issue available to eligible shareholders. Morgans Corporate Limited has been appointed as the lead manager and book-runner for both the Placement and Rights issues.

The company aims to accumulate approximately AU$ 2.4 million in total through these avenues. These funds will be dedicated to finalizing the Ohmgebirge Pre-Feasibility Study (PFS), specifically focusing on utilizing the existing Bernterode shaft infrastructure as the primary development route. The initiative garners solid backing from current institutional and retail shareholders, including support from investors in Australia and Europe. Noteworthy is the commitment of directors to exercise their full rights and partly underwrite a total of AU$ 170,000 in the Rights Issue. Furthermore, ongoing efforts in cost efficiency are ensuring a streamlined organizational presence and operations.

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