Agrimin raises $8m for Mackay DFS

Agrimin has raised $8 million via a share placement to fund the completion of the definitive feasibility study for its Mackay potash project.

Shares were raised at 55 cents each, which was a 17.9 per cent discount to its previous closing price.

Canaccord Genuity and Argonaut were the joint lead managers to the deal.

Funds raised will be put towards the DFS of its Mackay potash project, located nearly 800 kilometres south of Port Wyndham.

The capital will also go towards progressing funding and offtake agreements.

The $545 million project is expected to yield 426,000tpa of SOP and is slated for first production in the final quarter of 2022.

The project covers around 5,000 square kilometres.

Shares in Agrimin have been in a trading halt since September 11 at 67 cents each.