Potash West sells German potash project Arunta Resources

Potash West sells German potash project to Arunta Resources

6:05 PM, 18th August 2015
Potash West sells German potash project to Arunta Resources

MELBOURNE, AUSTRALIA: Potash West NL said it has agreed to sell its East Exploration subsidiary, which has a 55 percent in the South Harz project in Thuringia, central Germany, to Arunta Resources Ltd.

Its subsidiary Davenport Pty Ltd, which will hold the project, plans to list on the Australian securities exchange subject to raising at least $4 million and meeting regulatory requirements.

Both Potash West and Davenport shareholders will have priority entitlement in the capital raising.

The company will receive $250,000 as non-refundable option and exclusivity fees as well as 36,458,333 Davenport shares at listing price of $0.20 plus 67,708,334 performance shares, which will convert to ordinary shares on achieving pre-determined project milestones.

It will own about 28 percent of Daveport, subject to the amount raised.

“The South Harz project will now have a focussed and well-resourced team to take it forward. Whilst maintaining a significant exposure to South Harz, the company can continue to progress its other projects: The Dinner Hill phosphate and potash project in the Dandaragan Trough and its ground-breaking extraction technologies, the 100 percent owned K-Max technology and the 25 percent owned Li-Max technology,” said Patrick McManus, managing director, Potash West.

The acquisition of East Exploration was a significant step forward in bringing shareholder value to Davenport said Angus Edgar, managing director of Arunta.

© Worldofchemicals News

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