Proactive Investors - Run By Investors For Investors

American Pacific Borate & Lithium directors participate in $3.1 million placement

Anthony Hall and Stephen Hunt have added to their holdings through placement purchases.
Coins in a jar
The company is targeting the start of construction at Fort Cady later this year

American Pacific Borate & Lithium Ltd (ASX:ABR) directors have demonstrated their support for the company’s US-focused borate strategy by participating in a $3.1 million placement.

After shareholder approval was given at a general meeting on June 14, executive director Anthony Hall purchased 305,556 shares valued at $55,000.

He now holds more than 5.575 million shares in an indirect interest.

Non-executive director Stephen Hunt purchased almost 139,000 shares with a total value of $25,000 and now holds a total of 553,890 shares in indirect interests.

READ: American Pacific Borate & Lithium raises A$3.1 million for borate project engineering

Funds raised in the placement to institutional and sophisticated investors will be used to progress construction-related engineering activities at the Fort Cady Borate Project in California.

The placement at 18 cents per share included one listed option for every two ordinary shares with a strike price of 25 cents and expiring on August 10, 2020.

ABR expects to begin construction-related engineering activities with its preferred contractor shortly and is targeting a start of construction in the December quarter this year on a fully permitted basis, subject to financing.

READ: American Pacific Borate & Lithium optimisation work delivers high-purity boric acid

The company recently delivered a high-purity plus 99.9% pure boric acid crystal with minimal impurities from process optimisation works.

This work was designed to ensure consistent delivery of a technical grade quality boric acid crystal from the project.

After the test work, CEO Michael Schlumpberger said: “Our focus now turns to the completion of detailed engineering and securing the modest financing for the low capital starter project.”

View full ABR profile View Profile

American Pacific Borate & Lithium Ltd Timeline

Related Articles

Archer quantum computing technology
April 16 2019
As part of its advanced materials strategy, the company is progressing a graphite-to-graphene beneficiation strategy.
June 18 2019
The company has been conducting a strategic review of its portfolio alongside the formation of a revised board of directors
Cobalt symbol, Co
March 12 2019
Winmar is planning a London listing and intends to return to the ASX.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use