PERTH: Trigg Mining Limited has completed a $4.5 million Initial Public Offer (IPO). The IPO fund raising was widely supported by the Australian public, a large resources-focused institutional investor and the agricultural community which sees a need to address Australia’s reliance on imported potassium fertilisers, necessary for agricultural production.
Under the IPO, the Company issued 22.5 million shares at $0.20 per share, with one free-attaching listed option for every two shares subscribed for. The acquisition of K2O Minerals Pty Ltd, joint venture partner of the SOP Projects, was also completed under the Vendor Offer through the issue of 5,262,500 shares and 4,235,626 Vendor Performance Shares.
The transaction provides Trigg Mining 100% ownership of the Projects covering some 2,640km2 of granted tenements across two Sulphate of Potash Projects 200km east of Laverton in Western Australia, nearby established transport and energy infrastructure.
The funds raised will be largely applied to the advancement of exploration and evaluation at the Laverton Links and Lake Throssell SOP Projects. A geological team has mobilised to site ahead of a planned drilling program at the Lake Hope Campbell Prospect (a part of the Laverton Links Project), with initial results expected later this quarter.
Managing Director, Keren Paterson commented, “We are delighted to complete the $4.5 million IPO and ASX listing of Trigg Mining. It is a significant milestone in the journey of the company and the funds raised will be used to advance the exploration and evaluation of the Laverton Links and Lake Throssell Sulphate of Potash Projects.
“With SOP already identified across half of Trigg’s 2,640km2of tenements, including a JORC Compliant Exploration Target, the team is eager to continue its exploration efforts across the tenure, including those areas as yet unexplored, and establishing an initial mineral resource.”
Edited by Nayyar Iqbal