PhosCo secures firm commitments to raise $5m for Tunisia project
ASX-listed PhosCo has secured firm commitments from new and existing sophisticated and professional investors to raise $5-million at an issue price of $0.12 a share to fund ongoing exploration, development activities and studies on the company’s Gasaat phosphate project, in Tunisia, as well as general working capital.
In a media release, PhosCo MD Taz Aldaoud says the strong demand for the placement, particularly from institutional investors, reflects the quality of the Gasaat asset and its position in the growing global fertiliser market.
“We have delivered a consistent stream of outstanding drilling results which pave the way for the imminent resource update,” says Aldaoud.
He explains that this will, in turn, help underpin the optimised scoping study.
“We are confident that the study will be strengthened by the impact of the KM and SAB deposits because of their high grades, shallow mineralisation and close proximity to the proposed plant.
“I thank existing shareholders for their continued support of PhosCo and am delighted to welcome new shareholders to the register who share our vision to unlock the full value of Gasaat”.
Aldaoud says these funds will enable PhosCo to roll seamlessly from the updated scoping study into the bankable feasibility study.
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