Potash West completes placement

Phosphate and glauconite explorer Potash West has completed an $800,000 placement to fund development of its Dandaragan Trough project near Perth.

A total of 23 million shares will be issued at 3.5 cents per share, below the capacity threshold requiring shareholder approval.

The project could produce more than 100 million tonnes with an internal rate of return over 20 per cent, Business News revealed early last year.

Potash continued its slide from a 12-month high of 16 cents, closing down 5 per cent at 3.8 cents.