Parkway Minerals NL Updated on Capital Raising & Board Changes

  • Nov 25, 2019 AEDT
  • Team Kalkine
Parkway Minerals NL Updated on Capital Raising & Board Changes

Amid population growth and economic development continuing to put pressure on limited freshwater resources, it becomes imperative to use a technology to recover fresh water from concentrated brines, economically.

Tapping the lucrative market opportunity, Australian-headquartered mining technology company, Parkway Minerals NL (ASX:PWN) utilises transformational aMES™ technology to recover valuable minerals, including pure fresh water from waste brines, whilst reducing waste volumes.

Parkway Minerals is planning to raise up to $849,000 via a Placement and Share Purchase Plan (SPP) to fund a range of priority activities relating to the commercialisation of the aMES™ technology.

Moreover, Parkway has recently informed that it will appoint executive director Mr Bahay Ozcakmak as the new managing director of the company, immediately after its Annual General Meeting (AGM) scheduled on 26th November 2019.

Details of Placement and Share Purchase Plan

Parkway is seeking to raise up to a total of $849,000, via a Placement to raise up to $189,000 and a SPP to raise an additional $660,000.

Placement

In accordance with the Placement, the company has obtained firm commitments from sophisticated investors to subscribe for 31.5 million new fully paid ordinary shares, at an issue price of $0.006 per share, to raise an aggregate of $189,000 (before costs).

The issue price under the Placement represents a 13.33 per cent discount to the 5-day VWAP (volume weighted average price) and a discount of 25 per cent to the company’s last traded share price on the ASX being $0.008.

The subscribers under the Placement will also get one free-attaching option (exercisable at $0.02 each on or before 16 December 2022) for each two shares subscribed for. The Placement will be made as per the company’s 15 per cent placement capacity under ASX Listing Rule 7.1 and is expected to settle on 4 December 2019.

Share Purchase Plan

The company offered an opportunity to its existing shareholders to participate in the SPP at an issue price of $0.006 per share, to raise an aggregate of $660,000. The existing shareholders can participate in the SPP on same terms as the Placement. The company’s directors and major shareholders have also showed their interest to participate in the SPP.

The company notified that eligible shareholders can purchase a parcel of new shares worth $2,000, $5,000, $10,000, $15,000, $20,000, $25,000 and $30,000 at the Offer Price without incurring transaction costs or brokerage. Moreover, all new shares issued under the SPP will rank equivalently with Parkway’s existing ordinary shares.

The company has engaged Peloton Capital to support the SPP offer, that will open on 25th Nov 2019 and close on 17th Dec 2019.

The company will use the funds raised from Placement and SPP for the following purposes:

  • Preparing Pre-Feasibility Study for the KLPP based on aMES™ technology
  • Evaluation activities for the NMLP to support potential farm-out
  • Ongoing business development and commercialisation of the aMES™ brine processing technology
    • Including establishment and formalisation of strategic partnerships with leading industry players
  • General working capital.

Parkway Announced Appointment of New Managing Director

Parkway has also announced appointment of the new managing director, Mr Bahay Ozcakmak, who is currently serving as the executive director of the company. He holds extensive experience in commercialising innovative technologies targeting the processing and production of numerous brine streams for multiple industrial applications as well as the production of minerals, energy and water.

He was the CEO of Consolidated Potash Corporation Ltd (CPC) up until acquisition by Parkway in Sep 2019. Following the recent completion of acquisition of CPC, entities controlled by him are amongst the largest shareholders (~17.1 per cent) of the company.

Mr Ozcakmak is the initiator of AWT (Activated Water Technologies), the owner of the aMES™ technology platform. As an experienced executive and the driving force behind the aMES™ technology since inception, the board has found that he is uniquely well positioned to lead Parkway as it embarks on multiple growth initiatives.

Stock Performance: PWN closed the trading session at $0.005 on 25th November 2019. The stock has generated a return of 100 per cent in the last six months.


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