Corporate Structure
K2O shares on issue: 21,755,010 mainly at A$0.10 per share
Current capital raising: 5,439,000 shares at A$0.552 per share, 20% of company; August 2024 (plus free options 5,439,000 options 1:1 excercisable at A$0.70 per share for 3 years)
Shares post capital raise: 27,194,010
Options on Issue: 19,000,000 exercisable at A$0.25 in 2028 and 2029
September 2024 Capital Raising
Issuer: K2O Potash Corp Ltd
Offer Type: Placement of fully paid shares
Number of Shares: 5,439,000
Offer Price: A$0.552 per share
Capital Raising: Up to A$3m plus oversubscriptions
Offer Restrictions:Offer to Sophisticated investors as defined in section 708 (8) of the Corporations Act and Professional investors as defined in section 708 (11) of the Corporations Act. Allocation will be at the the discretion of the Company.
Use of Funds
The Company needs to undertake the following activities in 2024, prior to any drilling of confirmation wells followed by pairs of Production wells.
- Establish an office in Warsaw – we already own 3 Polish subsidiaries with bank accounts.
- Complete the preparation of detailed budgets and Business Plan for the significant funding required to commence drilling of confirmatory and production wells.
- These significant funds likely from global PE firm(s) and to be secured in 2H 2024.
- Technical studies to prepare for drilling.
- Appoint additional Board Members to support fund raising efforts and overall establishment of the Company plus several senior Polish executives.
- Acquire the 3D seismic data from the Oil and Gas companies, who have also drilled historical wells in the Concession area.
- Liaison/staffing costs to obtain Ministry approvals for licences.
- Commence JORC assessment with global experts in resource estimation.