Australian Potash Ltd (ASX:APC) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed capital raising.
The halt will remain in place until the beginning of regular trade on Monday, May 24, or when an announcement is released to the market, whichever occurs earliest.
Directors demonstrate confidence
Earlier this month, the directors of the company demonstrated their confidence in the company’s potash strategy by acquiring more shares.
Managing director and CEO Matt Shackleton increased his holding to 8.52 million shares following the purchase of shares worth $45,946.50 in a rights issue and non-executive chairman Jim Walker added shares worth $59,999.94 by participating in a placement.
Walker now holds 1.25 million APC shares.
Bore field drilling contract awarded
Last month, Australian Potash awarded the production bore-field drilling contract for the development of Lake Wells Sulphate of Potash Project (LSOP) near Laverton in Western Australia.
This key contract has been awarded to Pentium Hydro Pty Ltd, a wholly-owned subsidiary of Vysarn Limited (ASX:VSY).