A Perth based potash exploration company, Trigg Mining limited (Proposed ASX: TMG) is planning to raise $4.5 million via Initial Public Offer (IPO) and apply for the listing on the Australian Securities Exchange (ASX). The maiden attempt last year did not materialize amid tough market conditions. The second IPO round offers great opportunity for investors to invest in a mineral exploration company, which is exploring approximately 2,640 km2 of tenements for the essential fertiliser, sulphate of potash (SOP) in Western Australia.
The company intends to explore for the essential potassium fertiliser sulphate of potash (SOP) needed for global food production and human nutrition through the sustainable extraction and evaporation of hypersaline brines in Western Australia. The SOP is a premium potassium fertiliser, which is used for high value, chloride sensitive crops such as avocados, cocoa, coffee beans, grapes, berries and tree nuts, as well as arid and acidic soils.
Incorporated in 2014 as a private company limited, Trigg Mining has built a competitive footprint across two SOP Projects; Laverton Links and Lake Throssell Potash Project, covering 2,640 km2 of granted tenure containing over 400 km2 of salt lake playa and 300 km of interpreted palaeochannels. These two projects have a good access to transport and energy infrastructure, which includes multiple roads and tracks, two gas pipelines and nearby airstrips. The Laverton Links Potash Project is the company’s most advanced project, which comprises three prospects, including Lake Rason, Lake Hope Campbell and East Laverton, whereas the Lake Throssell Potash Project comprises one exploration licence covering an area of 322 km2 near east of Laverton along the Great Central Road through to Alice Springs and Queensland via the Outback Highway.
The company lodged its prospectus with the Australian Securities and Investment Commission (ASIC) on 24th April 2019, in which it offered 22,500,000 fully paid ordinary shares (Shares) at an issue price of $0.20 per share to raise $4,500,000 before expenses. Further, one free listed new option will also be awarded to investors for every two shares they acquire in the public offer. The offer was opened on 2nd May 2019 and is going to close on 31st May 2019. As per the prospectus, the expected date for a quotation of the company’s shares and new options on the official list of ASX is 28th June 2019.
The funds raised from the IPO will be used to advance the exploration and evaluation at Laverton Links and Lake Throssell Potash Projects. At its Laverton Links Potash Project, the company will use the IPO funds to carry out further exploration work seeking to expand the Exploration Target, define a JORC compliant Mineral Resource and determine possible processing flow sheet options for the brine. Further, the IPO funds will also be used to conduct a heritage survey and undertake reconnaissance exploration at the company’s Lake Throssell Potash Project.
The company is planning to use the IPO funds in a cost-effective manner to advance its projects and deliver on its purpose of building mines which communities can be proud of.
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