Potash WestNL has raised gross proceeds of A$1.7 million to expedite thefeasibility study at its Dinner Hill project, located within the phosphate-potash project in Western Australia.

The company said July 18 that it received applications frominstitutional, professional and sophisticated investors for well over A$3million, which will be accommodated after a Sept. 5 shareholder meeting.

State One Equities Pty. Ltd. managed the placement.

Potash West also plans to initiate a share purchase plan forall shareholders and conduct a bonus issue of contributing shares.

The company's revised scoping study on Dinner Hill delivered a higher pretaxnet present value, using a discount rate of 8%, of A$378 million from A$331million and doubled the mine life to 40 years.