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Agrimin raising A$8M to advance MacKay potash project

Agrimin Ltd. secured commitments to raise about A$8.0 million through a placement of about 14.5 million common shares at 55 Australian cents apiece, with settlement anticipated on Sept. 19.

The company will use the proceeds to complete a definitive feasibility study for the MacKay potash project in Western Australia, and to advance project funding and off-take agreements, as well as for general working capital.

Agrimin said Sept. 16 that the placement was oversubscribed and that Australian Super Pty. Ltd. will increase its shareholding to 14.8% from 13.9%. Company directors Richard Seville and Alec Pismiris will subscribe for 200,000 shares and 90,000 shares in the placement, respectively, with approval to be sought in November.

Argonaut Securities Pty. Ltd. and Canaccord Genuity (Australia) Ltd. acted as joint lead managers to the offering.