Australian Potash Ltd (ASX:APC) is buoyed by a strong show of support from prominent Western Australian mining figure Mark Creasy whose investment vehicle Yandal Pty Ltd has exercised 100% of its unlisted options.
This has resulted in a cash inflow of $857,500 to the company and demonstrates Creasy’s support for the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia.
It has also seen Yandal Pty Ltd increase its shareholding in APC to 7.8% and is the company’s largest shareholder.
“Strong sign of support”
Australian Potash managing director and CEO Matt Shackleton said: “Mr Creasy, with his deep experience across the industry including several commercialised mineral deposits, and a long history of value accretive corporate transactions, has consistently been a supportive shareholder through our development processes.
“It is again pleasing to see a strong sign of support for our continued work on the 100% owned Lake Wells Sulphate of Potash Project.”
6.86 million options exercised
Yandal exercised 3.43 million options at an exercise price of A$0.10 and a further 3.43 million at an exercise price of A$0.15.
These unlisted options had an expiry date of April 21, 2021.
APC holds a 100% interest in the LSOP, approximately 500 kilometres northeast of Kalgoorlie in Western Australia's Eastern Goldfields.
The company is finalising pre-development plans for the commencement of construction with the first production from the LSOP scheduled for mid-2023.