Agrimin raises $10m

Potash explorer Agrimin has boosted its coffers with a $10 million capital raising to progress the definitive feasibility study being undertaken at its Mackay project in Western Australia.

Under the placement, the company has issued 12.5 million shares at 80 cents each, with demand from institutional and sophisticated investors.

AustralianSuper will have a 14 per cent stake in Agrmin following the raising. 

RBC Capital Markets acted as lead manager to the placement.

Agrimin said the funds would advance the DFS.

“Proceeds from the placement will be used for the ongoing definitive feasibility study for the Mackay sulphate of potash project, for advancing the proposed logistics infrastructure and for general working capital,” the company said in a statement to the ASX.

“In parallel, the company is advancing discussions in relation to binding offtake commitments and strategic partnerships.”

The company completed a pre-feasibility study for the project in May, which outlined a capital cost of $US409 million.

Shares in Agrimin were off 1.05 per cent at 94 cents each at 12pm AEDT.