ASX-listed Kazakhstan Potash Corp. Ltd. said March 18 that it is aiming to finalize a A$6.2 million rights issue by March 22 to conclude its protracted acquisition of the Satimola potash deposit in northwestern Kazakhstan.
The fertilizer producer has two other Kazakh projects: Chelkar and Zhilyanskoe. It said it expects to issue one new share for every two held at a price of 8 Australian cents apiece and will use the proceeds to complete the acquisition and fund general working capital.
Kazakhstan Potash has been working on the deal to buy Satimola for several years since agreeing to a price of US$150 million for the asset in 2013.
After renegotiating the price in 2014, the deal was terminated in 2015. The company agreed to a new price of US$70 million with the seller, Satimola Ltd., at the end of 2015. Another dispute stalled progress in mid-2018.