HomeNewsUpgrade and expansion plans advance for Senegal phosphate project

Upgrade and expansion plans advance for Senegal phosphate project

Avenira has received firm commitments from clients of Foster Stockbroking to raise the A$2 million by way of a placement of 41,666,667 ordinary shares at the same price as its previous Entitlement Offer, being A$0.048. 

The A$2 million raised under the Placement is in addition to the A$13 million raised under the Entitlement Offer which places the company in a strong financial position to continue to implement its Boabab phosphate project strategy. 

The planned upgrade and expansion of its Baobab phosphate project will be executed through continued engineering studies, finalisation of a large mine permit application and a lease down payment at the new Bargny-Sendou Port as well as providing general working capital. 

The Placement Shares will be issued on or around 19 December 2017, on the same terms as existing ordinary shares in the company and without shareholder approval under the company’s Listing Rule 7.1 capacity. 

“We are delighted with the support we have received from existing shareholders and the strong interest displayed from new investors. The successful completion of the Entitlement Offer and the positive Placement propel the company on the right track to progress its Baobab project upgrade and expansion plans,” says Louis Calvarin, Avenira’s MD and CEO.

Feature image credit: Avenira