Sulphate of potash junior set to hit ASX boards
One of WA’s aspiring sulphate of potash producers is set to hit the Australian Securities Exchange boards today, as it ramps up its bid to commercially produce the fertiliser product.
Trigg Mining, headed by Kalgoorlie mining identity Karen Paterson, is scheduled to list on the ASX at 11am this morning after completing its $4.5 million public offering.
A raft of agricultural machinery suppliers, broadacre farmers farming and horticulturalists are among the company’s major investors.
Under the IPO, Trigg issued 22.5 million shares at 20¢ each, with one free-attaching listed option for every two shares subscribed for.
Ms Paterson, a WA School of Mines graduate, said going public was a “significant milestone” in Trigg’s development, with the funds raised to be poured into exploration campaigns across the Laverton Links and Lake Throssell projects.
“I would like to thank all of the seed shareholders and subscribers under the IPO for their support as we move towards developing this exciting agricultural minerals business,” she said.
On Tuesday, Trigg also acquired joint venture partner K2O Minerals and assumed 100 per cent ownership of its Laverton Links and Lake Throssell projects in the northern Goldfields.
The deal was struck through the offer of 5.26 million shares and 4.2 million vendor performance shares.
The 2350sqkm Laverton Links lies between 35km to 190km east of Laverton, while the 323sqkm Lake Throssell project is about 200km east of Laverton.
A geological team has mobilised near the two projects, ahead of the launch of a planned drilling program this quarter.
The listing comes after the junior SOP play opted to postpone its initial public offering in June last year, citing “weakness in equity markets”.
Other potash-focused juniors, including Kalium Lakes and Australian Potash, are among companies attempting to become Australia’s first commercial SOP producer.
SOP, a premium fertiliser, is used to stimulate fruits, vegetables, nuts, tea, coffee and tobacco crop growth.
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